Use this announcement bar to inform users of cookies, promotions, new features etc.
Dismiss
Tax

Year-End Tax Reminders for a Stress-Free Holiday

Carmen Horn
December 6, 2023
The holiday season is upon us, and we're all looking forward to a well-deserved break. While we've navigated a year filled with increased interest rates, inflation, and other financial challenges, it's crucial not to forget some important tax matters before we say see ya later to 2023. Here are some of the most important tax reminders and considerations you'll need to keep in mind.

Income Tax due dates for the year ending 2023:

If we handle your taxes at BOM, you're in good hands. The due date for your income tax return is 31 March 2024 but we're already hard at work to ensure everything is in order for you.

When working with an accountant, you'll have a year to pay your taxes from 31 March. If you're managing your own tax return, your due date will be July 07. With this date in mind, it's time to start preparing for 2024. Alternatively, buy yourself some extra time and save the stress by asking BOM to take care of it on your behalf.

2024 Provisional Tax - 2nd payment:

The second payment for the 2024 Provisional Tax is looming - mark your calendars for 15 January 2024!

How do you know if you owe Provisional Tax? If you owed more than $5,000 in tax for the 2023 financial period (31 March 2023 tax year), you're subject to Provisional Tax, and it's time to make the payment. Don't fret; BOM will send you a reminder if we're taking care of your taxes!

Paying GST:

Good news! The GST returns for the October/November 2023 period have an extended due date of 15 January 2024, courtesy of IRD (thanks IRD). For the November/December 2023 period, your GST is due on 28 January 2024.

Gifting to clients this Christmas?

Did you receive a thoughtful client gift (perhaps from BOM?), great! But what's the tax impact of giving and receiving gifts?

  • Receiving a gift: There's not really anything for you to worry about - Just enjoy it!
  • Giving a gift to your customers: This is a perfect opportunity to give a gift and enjoy tax benefits!

Some gifts are 100% tax-deductible, while others are only 50% deductible. It's essential to know the difference.

Your gift-giving guideline when it comes to tax benefits:

Want to treat your staff to a gift?

Planning to reward your hardworking team with Christmas bonuses? Remember that these need to go through the payroll system, and PAYE will be deducted. If you're considering gifts for your employees, you should also think about the Fringe Benefit Tax (FBT).

What is Fringe Benefit Tax (FBT)?

It's a tax that is payable when non-cash benefits are provided to employees, but don't worry, FBT is only applicable if:

  • The gift's cost exceeds $300 (including GST) per employee in one quarter.
  • The total combined benefits given to all employees in a year do not exceed $22,500.

It's important to note: You can claim the GST and the item as an expense for tax purposes if the gift is NOT entertainment.

Claiming your office Christmas party?

You might have already had one, or you're hopefully in full planning mode for an epic party! Similar to giving entertainment as gifts, certain items are 100% deductible and other items are only 50% deductible. Here's a guide to remember:

As the holiday season approaches, take a moment to consider these tax reminders and make informed decisions. If you get stuck along the way, reach out for an obligation-free chat with one of our friendly accountants to find out what may be applicable to you.

Carmen Horn
December 6, 2023

More articles

Danny Pritchard
December 20, 2024
Accounting
What Is The Best Way To Pay Yourself As A Small Business Owner?
There’s a lot of challenges to owning a small business in New Zealand. Whether you’re battling with cash flow, meandering through a never ending admin list, or drowning in business receipts waiting for your accounting wizards to come and save you (us, obviously) - some days, there just seems to be more cons than pros. That is, until payday. Payday rocks. Payday is the saviour of all you savvy business owners out there! You pay off those bills, pay your team, and then it’s your turn! But what actually is the best way to pay yourself as a small business owner?
Danny Pritchard
December 4, 2024
Accounting
Your Tauranga Accountant: How Our Services Can Help You And Your Business
At Bring On Monday we understand that every client is unique, and we tailor our services to ensure a personalised approach. Intuitive and innovative, Bring On Monday works alongside New Zealand business owners to achieve their business and personal goals. We are committed to adding value to your mindset, your ambitions, your business, and your bottom line.
Kai Daniel
November 27, 2024
Personal Finance
Why Kiwis Aren't Saving Enough For Retirement (And How To Make Sure You're Not One Of Them!)
If there’s one thing we see time and again, it’s that many Kiwis are financially unprepared for retirement. While some people may feel confident about their future finances, for most, there’s a real question mark around whether they’re on track. One big reason? Many don’t know where to start...
Kai Daniel
November 6, 2024
Personal Finance
Get Ready New Zealand, Financial Advisory and Planning is here!
We've launched our personalised Financial Advisory and Financial Planning service. If building and creating wealth, financial security, financial freedom and financial independence is important to you, then this service is here to help you meet your goals!
Carmen Horn
October 16, 2024
Bookkeeping
3 Xero Bookkeeping Tips You Need To Know
When it comes to using Xero, it’s not as scary as you might think. Once you’re set up, the process is easy and it can save your business not only time but also money! Here’s our Top 3 Xero bookkeeping tips from your small business accounting firm.
Carmen Horn
October 9, 2024
Business Advisory
When is your 2024 tax return due?
Many business owners have already done their 2024 tax return, so the next one in the diary will be your 2025 tax return. However if you still need to do yours, the below will be a handy quick guide for your tax returns!
Danny Pritchard
October 2, 2024
Business Advisory
Looking For A Business Coach In Auckland?
Hiring a business coach could be the transformative step you need for your business. With the right expertise and guidance, a business coach can help unlock your full potential and achieve remarkable growth. Whether you're seeking guidance on strategy and planning, or looking to overcome challenges and grow, here’s how we can support you every step of the way.
Danny Pritchard
September 19, 2024
Accounting
Client Success Story: Business Aquisition with Jack Coleman, Double Yolk
Jack Coleman started his business Double Yolk 5 years ago. After being awarded the 'Deloitte Fast 50' his business was acquired by Outsourced, a global company that provides great talent to businesses across the world.
Danny Pritchard
September 18, 2024
Business Advisory
Client Spotlight: Building Blooming Good Brands with Studio Lannd
Our client Studio Lannd creates transformative design to help businesses grow. Their range of design services, branding and websites are designed to highlight what makes a business unique, help them connect with their customers, and stay in mind when it matters.
Danny Pritchard
September 12, 2024
Tax
Your Guide to Business Provisional Tax NZ: Dates, Deadlines, and Everything You Need to Know
Are you a business owner in New Zealand? If so, understanding the concept of provisional tax is key for managing your tax payments and having financial clarity. In this comprehensive guide, we will walk you through all the important aspects of provisional tax in New Zealand, including key dates, deadlines, and everything you need to know to stay compliant.
Danny Pritchard
September 4, 2024
Business Advisory
The 7 Key Numbers Every Business Owner Should Know
Own a business and been wondering what the actual numbers are that you should be measuring? Whilst this is what we do a deep dive on with our clients as part of our business coaching sessions, hopefully this quick read will help you understand the 7 key numbers you should be measuring in your business.
Carmen Horn
August 29, 2024
Tax
New Zealand 2024/2025 Tax Changes - What You Need To Know!
In July 2024 the New Zealand government brought in several new tax rules. In this quick read blog, we go over the tax changes in New Zealand 2024 that you need to know, especially as these changes also relate to the 2025 financial year.
Danny Pritchard
August 22, 2024
Accounting
Looking for an Accountant in Tauranga? Top Tips and Expert Advice
In Tauranga, there are plenty of accounting firms to choose from, but how do you know which Tauranga Accountant is the best fit for you? This blog will guide you through the process, offering insights into the experience and credentials you should look for in an accountant.
Danny Pritchard
August 14, 2024
Business Advisory
The Role of a Business Advisor: Unlocking Success in your Entrepreneurial Journey
As an entrepreneur, you wear many hats – from visionary to decision-maker, from problem solver to risk taker. One of the most valuable hats you can wear (or outsource!) is that of a business advisor. From helping you refine your business plan to identifying untapped opportunities, a business advisor can provide insights that you may not have considered on your own.
Carmen Horn
July 30, 2024
Tax
Understanding Terminal Tax: What You Need to Know for Stress-Free Filing
Tax season can often be a stressful time for individuals and businesses alike. The process of filing your taxes can feel overwhelming, with confusing terminology and ever-changing regulations. However, understanding terminal tax can help alleviate some of that stress. Whether you are a small business owner, a self-employed professional, or an individual taxpayer, this article is designed to make terminal tax easy to understand. We know it can be somewhat of a snooze-fest, but it’s important to wrap your head around it if you intend on filing it yourself.
Danny Pritchard
July 23, 2024
Tax
Exploring the New Zealand Company Tax Rate: Need to Knows
Are you curious about the company tax rate and how it may impact your bottom line? Look no further, because we have all the information you need. In this article, we will explore the company tax rate in New Zealand and provide you with the details you need to know. We will discuss the current company tax rate in New Zealand, any recent changes, and how it affects different types of businesses.
Danny Pritchard
July 18, 2024
Accounting
Top 5 Expert Accountants in Auckland: Your Trusted Financial Partners
Are you looking for expert accountants in Auckland to help manage your finances and guide your business towards success? Look no further! In this article, we will introduce you to the top 5 accountants in Auckland who are trusted financial partners for businesses big and small. These professionals have a wealth of knowledge and experience in accounting and finance, making them the go-to choice for businesses seeking reliable and expert advice.
Danny Pritchard
July 11, 2024
Business Advisory
The Ultimate Guide to Finding the Best Tax Accountant in Auckland
Are you tired of stressing over tax season and trying to navigate tax laws and regulations on your own? Finding the right tax accountant can make all the difference in ensuring your taxes are accurate and maximising your return. If you're in Auckland, the search for the best tax accountant just got easier (you’re welcome). In this ultimate guide, we'll take you through the key steps to finding the perfect tax accountant to meet your needs whether you're a small business owner, a freelancer, or an individual taxpayer.
Carmen Horn
July 3, 2024
Tax
Understanding the Tax Implications of Airbnb in New Zealand: Do You Have to Pay?
Are you thinking about renting out your property on Airbnb in New Zealand? Before you start counting your earnings, it's important to understand the tax implications. New Zealand's tax laws require individuals to pay tax on income earned from short-term rentals, including those listed on Airbnb. While it may seem like a straightforward way to earn extra income, the tax implications can be tricky to navigate without proper guidance. We’ll teach you the ins and outs of Airbnb income tax, how to optimise your tax liability and get extra dollars in your bank - you’ll be a master at navigating your Airbnb income before you know it!
Danny Pritchard
June 26, 2024
Business Advisory
Maximising Your Home Office Expenses: A Comprehensive Guide for New Zealand Residents
Working from home has become the new norm for many Kiwis and with it comes the need to maximise home office expenses. Whether you're a freelancer, a remote contractor, or a small business owner, knowing how to make the most of your home office deductions is key. From understanding the specific criteria for claiming deductions to tips on organising your workspace, we've got you covered!
Carmen Horn
June 11, 2024
Tax
The Ultimate Guide to Xero Bookkeeping: Streamlining Your Financial Management
If you're a business owner or an aspiring entrepreneur, you’ll understand the importance of effective financial management. It can make or break your business, impacting your growth and bottom line. That's where Xero bookkeeping comes in. Xero is revolutionising the way businesses handle their finances. Whether you're a small business owner or a freelancer, this guide will equip you with the knowledge and tools to effortlessly manage your books and make informed financial decisions. From setting up your Xero account to reconciling transactions, we'll cover it all.
Danny Pritchard
June 7, 2024
Business Advisory
Client Spotlight: A Success Story From Our Client, Gato Loco
We've helped Decio, Gato Loco's owner and founder, to grow from renting a chair in a salon to running his own (and might we add, very successful) hairdressing salon 'Gato Loco' in Tauranga, New Zealand. Having failed in the past, Decio was eager to ensure his business was on the right path to success and ease his mind from all the pressures that come with running a business. Now that he's got a solid plan in place, Decio can sleep at night knowing he has the support of Bring On Monday to empower and drive his business.
Carmen Horn
May 31, 2024
Tax
Unraveling the Ins and Outs of Fringe Benefit Tax: Everything You Need to Know
Fringe Benefit Tax (FBT) is a tax imposed on employers for providing non-cash benefits to their employees or their employees' associates. It is designed to ensure that employees are not receiving additional benefits in lieu of taxable income. FBT is separate from income tax and is calculated on the taxable value of the fringe benefits provided. Still with us? Good.
Carmen Horn
May 20, 2024
Tax
Understanding the Tax Return Process for 2024 in New Zealand: Key Dates and Important Information
Welcome to our comprehensive guide on understanding the tax return process for 2024 in New Zealand. Whether you're a seasoned taxpayer or a complete newbie, staying up to date with key dates and important information is essential for a smooth and stress-free tax season.
Danny Pritchard
May 15, 2024
Business Advisory
Unlocking the Secret: How to Pay Yourself from a Limited Company in NZ
As a business owner, you may choose to operate as a sole trader or a limited company. While operating as a sole trader is simpler in terms of financial and legal obligations, forming a limited company can provide additional benefits such as limited liability protection and potential tax advantages. However, paying yourself from a limited company requires a different approach compared to paying yourself as a sole trader.
Grant Stephens (Guest Blog)
May 2, 2024
Personal Finance
Self Employed and Wanting to Buy a House?
This is a guest blog by Grant Stephens, who is a Mortgage Advisor and a preferred partner of Bring On Monday. When you are self-employed, buying a house can be more challenging than it is for someone who has a steady income as an employee. The applications are scrutinised closely because the profitability is usually more variable. Often being self-employed means your income varies from year to year. This makes you a risk. The banks need assurance that you will be able to pay back their mortgage.
Kai Daniel
April 16, 2024
Business Advisory
Achieving B Corporation Certification and What It Means for Kiwi Business Owners
Becoming a certified B Corp was both challenging and incredibly rewarding. It began with a deep reflection on our core values and a commitment to embedding sustainability and social responsibility into every aspect of our business operations. We focused on improving our environmental footprint, enhancing employee well-being, and strengthening our community engagement.
Carmen Horn
March 25, 2024
Tax
Tax Changes Property Owners Need to Know in 2024
With fresh leadership comes the potential for new directions in taxation, promising both challenges and opportunities for property owners. While specifics may still be unfolding, it's important for you (the taxpayer) to stay informed about any potential changes that might affect your financial obligations. We’ve shared some upcoming tax changes that property owners can expect in 2024.
Kai Daniel
February 23, 2024
Personal Finance
Should I Reinvest My Profits in the Business or Invest Elsewhere?
As a business owner, the decision of whether to keep your money in your business vs diversifying it into other investments requires careful consideration. Both options carry their own set of risks and potential rewards. There are several factors to consider and as we do not have all the background and information required, here are a couple of generic points with examples to consider.
Carmen Horn
February 7, 2024
Accounting
Smart Tax Planning: A Quick Guide
Each year we reach that dreaded (for some) final quarter of the tax year. It’s the time when you’re paperwork stack seems to be bigger than ever (unless of course, you have a good accountant). You might be wondering if there’s a way to optimise your tax situation, well hey! You’ve come to the right place.
Danny Pritchard
January 31, 2024
Business Advisory
The 7 Key Ways to Grow Your Business
If you’re the kind of business owner who sits back, feet up on the desk with a peeled banana in hand, then this is going to be a fairly big eye opener for you when it comes to growing your business. It’s time to get smart about when those shoes get kicked off - the faster way to find yourself those bigger business opportunities and wins. So how do we get bigger wins?
Kai Daniel
January 12, 2024
Personal Finance
How to Set and Achieve Your Financial Goals
The start of the year is always a great time to reflect on your past achievements and plan for your future goals. Whether you want to save more, pay off debt, invest wisely, or simply improve your financial well-being, setting clear and realistic financial goals can help you achieve them, but how do you set effective financial goals that you can stick to? And what are some of the best practices to achieve them? Here are some tips to help you start the year with a fresh financial perspective and a roadmap to success.
Danny Pritchard
December 20, 2023
Business Advisory
The Personal Evolution: Why Business Owners Need to Work on Themselves
In the tough world of being an entrepreneur, the spotlight often falls on strategies, innovation, and profit margins. While these are all crucial, one element that often takes a back seat is personal growth. Kiwi grit alone will only get you so far. Becoming a better business owner by focusing on your well-being will always result in a better business. Better business = better wins.
Kai Daniel
December 13, 2023
Personal Finance
Dollars and Sense: Setting Achievable Financial Resolutions!
It's that magical time when we bid farewell to the old and welcome the new with open arms and a sparkle in our eyes. As the clock strikes midnight, amidst the resolutions to hit the gym or finally conquer that mountain of unread books, let's not forget the financial frontier.
Danny Pritchard
November 15, 2023
Accounting
Is Food and Drink 100% Deductible?
Taking a client out for a coffee? Shouting the team beers? We’ve broken down exactly what you can and can’t claim for ‘entertainment’ when it comes to food and drink expenses.
Bring on Monday
August 11, 2023
Accounting
How to Work Out Your Margins & Why They Matter
Do you understand your gross margin? Are you making a consistent profit? Will your head explode if you stuff it with more numbers? Try this simple formula.
Bring On Monday
August 11, 2023
Accounting
Do I Need to Pay Tax on Crypto?
The IRD is cracking down on crypto investors and you can’t keep trading unnoticed. Here’s what you need to know about paying tax on those coins.
Bring On Monday
May 2, 2023
Accounting
The Benefits of a Business Coach for Every Business
A business coach is more affordable than you might think. Give it a red-hot crack to hit your business goals faster.
Bring On Monday
May 3, 2023
Accounting
Is Business Coaching Like Baking a Cake?
Welcome to the first (and probably only) episode of The Great Business Bake Off. Bet you never thought getting business coaching would be like baking a cake.
Bring On Monday
May 1, 2023
Accounting
A Bookkeeper, Accountant & Business Advisor in One Team
Looking to grow your business and get its finances under control? Here's why it makes sense to have a dream team of business and finance pros in one place.
Danny Pritchard
March 7, 2023
Accounting
How to Set a Budget for Your Business: 8 Simple Steps
Setting a budget for your business is a bit like taking a road trip. The journey will be much smoother if you plan ahead, know where you’re going, and have enough fuel (AKA money) to get there.
Danny Pritchard
February 28, 2023
Tax
Paying GST on Airbnb or Short-Term Rental Income
Do you have to pay GST on your Airbnb or short-term rental income? How does it all work? Do those green and pink curtains actually look good? The answers are here!
Danny Pritchard
August 31, 2022
Tax
A Guide to Paying Provisional Tax in New Zealand
Confused about provisional tax in New Zealand and whether you even need to pay it? Click this way and all will become clear...
Kai Daniel
July 8, 2022
Accounting
How Easy is it to Switch Accountants?
You might not be able to move on from Pablo the hairdresser, but it’s so easy to switch accountants. Searching for greener pastures? Start here
Kai Daniel
June 20, 2022
Tax
What Expenses Can I Claim for My Business?
We’re bringing some clarity to two of the most confusing things for business owners: tax returns and expenses. Make sure you’re not missing claimable expenses with BOM!
Danny Pritchard
April 22, 2022
Tax
3 Ways to Claim Home Office Expenses in NZ
Get the inside scoop on the 3 ways to claim home office expenses for your business and you could just learn to love tax time. Maybe.
Danny Pritchard
March 11, 2022
Tax
Let’s Talk Expenses: Can I Put My Car On The Business?
“Just bang it on the business”. A phrase you might have heard more than once, usually said by your non-business-owning friends whenever it’s time to pay for the beers, treat yourself to a laptop upgrade, or even when you’re eyeing up a new car.
Kai Daniel
November 22, 2021
Accounting
Drawings vs Salary: The Best Way to Pay Yourself as a Small Business Owner
Payday rocks. Payday kicks ass. Payday is the saviour of all you savvy business owners out there; the glistening, shiny pot of gold at the end of a surprisingly bumpy rainbow. But just very quietly so the big dogs can’t hear you - what actually is the best way to pay yourself as a small business owner?
Danny Pritchard
October 18, 2021
Accounting
Myths and Misconceptions: The Future of Automation in Accounting
Someone call Elon Musk, because accounting just got a whole lot more interesting. And by interesting, we mean the Artificial Intelligence, robots, machine learning, take-over-the-planet kind of interesting.
Danny Pritchard
July 21, 2021
Bookkeeping
Accounting vs Bookkeeping - What's the difference?
It’s time to dig a little deeper into the Bookkeeping vs Accounting enigma. What do we really know? Aren’t they kind of, exactly the same thing? They’re both essential business functions monitoring financial transactions. They both deal with financial data. They both involve basic accounting understanding. So what gives?
Danny Pritchard
June 8, 2021
Accounting
The Top 10 Small Business Accounting Questions Answered
As the small business accounting experts, we’ve pulled together the top ten questions asked by entrepreneurs on their path to finding the perfect financial support. Have a squiz and if you’ve still got any niggling queries or are ready to partner up with an affordable accounting service, schedule a call.
Danny Pritchard
May 19, 2021
Accounting
How To Keep Track of Your Small Business Finance & Cash Flow
Money. Some say it makes the world go round. Others say with more money, comes more problems. But perhaps what Notorious B.I.G didn’t realise, is that cash monitored accurately can remove said issues - with the exclusion of intergenerational gang wars and bling envy. As the small business accounting experts, we’re here to help you navigate through the wonderful world of forecasting and cash flow so have pulled together a wee Q&A to get you started.
Danie Kruger
April 16, 2024
Tax
The Complete Tax Return Guide for Small Business 2024
There’s a lot to consider when it comes time to file your New Zealand tax returns - there’s residual income tax, provisional tax, GST returns, confusing due dates, dealing with the Inland Revenue Department - and it’s all designed to add more stress to our daily cry of too much to do and too little time. Luckily, we know some quality folk that are all about tax, and all about helping you de-stress and improve your life. Hint, it’s us. And we really do want to help you minimise the amount of time you spend pulling your hair out over tax returns. That’s why we’ve created the Holy Grail of Tax Returns. The Tax Return bible, if you will. Whatever you want to call it, we’ve pulled together a complete guide to tax returns for small business tax nz.
SCROLL FOR MORE
SEE ALL POSTS

Ready to make the move?

Join hundreds of Kiwi business owners who are living the BOM life.

Quick Links

WhoWhatHow muchAcademySay HeyBook a call
Stay in the loop
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Our Guarantee

If you find a cheaper all inclusive accounting solution similar to the 'BOM Difference', we will beat it by 10%. In addition, if we haven't made your life as a business owner easier after 3 months, we will donate all subscriptions fees to your favorite NZ charity.

copyright Bring On Monday 2024 All rights reserved.
Website Design and Development by Neat Studio. Brand Design by Studio Acht.