FINANCIAL LITERACY • 28 FEBRUARY 2025 • 3 MIN READ
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 is 31st of March 2025
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
Start preparing for your 2024/25 tax return in early April
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.
If you're looking to get a mortgage or business loan, the bank will likely want to see your 2025 reports so beat the rush and plan ahead.
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.
Do you have strict bank covenants - we can work with you to get your reports prepared on time.
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.
Get up-to-date information for better decision-making and reporting to investors and/or Directors.
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.
Other things to consider for your 2024/25 tax return
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.
- Dividends to Shareholders – if you plan to pay dividends, ensure they are recorded correctly and accounted for before year-end. Talk to your accountant for more details.
- Stocktake – if your business holds stock, make sure you complete a proper stocktake. This impacts your taxable profit and financial reporting.
- Staff bonus and profit sharing – any bonuses or profit-sharing payments should be accounted for before the end of the financial year to be included in the correct period.
- Aged receivables review – go through your outstanding invoices. Chase up overdue payments and consider writing off any bad debts to ensure they are accurately reflected in your accounts.
- Review your fixed asset schedule - look for old assets that may need to be written off
Let Beany handle your 2025 tax return
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.
Alaina Smith
Lead Accountant
Lives in the sunniest part of the country, running around after kids and the dog.
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