April Tax and Business Updates

We have summarised tax deadlines coming up in April, to prevent you from missing any deadlines and facing a penalty.

Tax Calendar - April 2023

  • 5 April - PAYE - Large employers PAYE payment for deductions made between 16th March and 31st March.

  • 7 April - Terminal tax - Terminal tax due for 2022 income year for clients who we prepare tax returns for.

  • 7 April - FBT - Income year FBT returns due for clients who file on this basis and whose terminal tax is due on this date.

  • 20 April - RWT - RWT return and payment due for deductions from dividends and deductions of $500 or more from interest paid during March.

  • 20 April - NRWT / Approved Issuer Levy - Payment and return for March.

  • 20 April - PAYE - Small employers PAYE payment for deductions made between 1st March and 31st March. Large employers PAYE payment for deductions made between 1st April and 15th April.

Don't forget the following updates for businesses

GST Laws

New GST laws come into effect in April. The Government has modernised rules for invoicing and record-keeping, and the requirement to use tax invoices is being replaced by a more general requirement to provide and keep certain records known as 'taxable supply information’.

Minimum Wage Increase

The Government has increased the minimum wage by $1.50 an hour to $22.70, a 7% increase in line with inflation. The changes come into effect in April.

IRD Increases Visibility of Sales Data

From 1 April, payment service providers (i.e. EFTPOS providers and online payment platforms) must provide information to Inland Revenue every six months on all transactions processed. Inland Revenue will compare this information with what businesses have filed in their tax returns. They will follow up on any discrepancies in these comparisons. Unless you’re a payment service provider, you don’t have to do anything except be aware there is now this additional level of scrutiny on sales.

Get in Touch

Make sure to plan for your tax obligations in your monthly cash flow forecasting. Get in touch if you need to review your forecast and look at options.

Ethan Rush