Get ready for tax return 2025 - tips from Beany’s lead accountant

With the end of the financial year just around the corner, getting ahead now can save you time, stress, and potentially even money. We caught up with Alaina, Beany's lead accountant, to get her top tips on prepping for your 2024/25 tax return. Here’s what you need to know to make the whole process as smooth as possible.​

The standard balance date for the 2024/25 financial year in New Zealand is 31st of March 2025. For forward-thinking clients, this deadline is more than just a compliance requirement. It’s about leveraging this moment to gain clarity of your business and plan strategically for the year ahead. ​

If you’re working with an accountant or tax agent, you may be eligible for Extension of Time (EOT) - with an EOT your deadline for filing your tax return is 31st of March 2026. Without EOT or a tax agent, your tax return is due on the 7th of July 2025. ​

At Beany, we provide accounting services to business owners with ambitions. If you’d like to know about how we can help, book a call with us.​

Read more: 6 questions to ask when finding a tax agent​

From early April you can begin gathering the information required for your tax return, and the sooner you start, the better. Early preparation isn't just about getting ahead of the game, it's about gaining valuable insights into your business's financial position. By getting your tax return completed as early as possible, you'll know exactly what your tax obligations are, whether you're facing a bill or expecting a refund. This is invaluable for cash flow planning. For example, if you owe tax, you'll have time to set aside funds and avoid any last-minute financial strain. If you're due a refund, you can plan how to reinvest that money into your business.​

Please note: while accountants can begin preparing returns from early-Mid April, they cannot finalise them until all third-party information is made available e.g. final RWT and PIE tax information from your bank and Kiwisaver/investment providers.​

Having your 2024/25 tax return in order early means you're ready to seize opportunities as they arise. For example, if you're planning to apply for a mortgage or a business loan, having your 2025 financial reports available ahead of time can make the application process easier. Plus, it may demonstrate your financial responsibility to lenders.​

If you’re navigating strict bank covenants or reporting requirements, we ensure your reports are accurate, timely, and fully compliant. Missing deadlines or falling out of compliance can lead to penalties, restrictions, or even loan defaults. We can work closely with you to stay ahead of deadlines and avoid last-minute rushes.​

Accurate financial data is essential for making informed decisions, whether you're reporting to investors, directors, or planning your business’s growth strategy. When your numbers are up-to-date, you can confidently allocate resources, identify cost-saving opportunities, and prioritise investments while ensuring compliance with tax regulations. Clear, reliable financials also build trust with stakeholders and help you navigate through the tax season easily. ​

Alongside gathering together all your financial info, there are also a few things to review to ensure your business is in the best possible position before the 31st of March 2025.​

Beany is an online business accounting firm in New Zealand with a team of highly experienced accountants and client support.​

Our accounting package covers year-end compliance, with one fixed cost split over 12 months. This includes end-of-year financial statements and tax returns, tax minimisation, filing and payment reminders, and unlimited support for day-to-day queries.​

We also provide additional services tailored to your business' needs - bookkeeping, GST returns, payroll, budgets, cash flow forecasts, and more.​

Beany also services businesses in Australia and the UK with local teams in each region.​

Let's get prepared for your 2024/25 filing. Book a call to discuss your accounting requirements today.​