Income tax returns are due by 7 July. Find out:
what you need to know about reporting requirements for trusts.
The quickest and easiest way to file your income tax return is to do it online, using myIR. If you don’t have a myIR account, you can register for one on the Inland Revenue website.
Filing online using myIR, means that details that Inland Revenue already have for you will be pre-populated. You’ll receive immediate confirmation your return has been received.
Income tax returns are due 7 July(external link) — Inland Revenue
If you received the wage subsidy, leave subsidy or short-term absence payment during the 2023 tax year, this is taxable income and you’ll need to declare it on your income tax return.
This includes payments that you may have received through an associated entity, for example, a company, partnership or trust.
If you file in myIR, the wage and leave subsidies you have received will pre-populate in the “Government subsidies” field of your return. You just need to check it’s correct.
If your employees received the wage and subsidy support payments through you and tax was deducted at the time, they don’t need to do anything.
The RSP and CSP were provided to assist with paying business expenses and should not be included as income in your income tax return.
You cannot claim a deduction for these expenses - your expenses must be reduced by the total amounts of RSP and CSP received.
If you haven’t spent the RSP or CSP on business expenses, the payments will likely need to be paid back. Please check our website for more details about this process.
If you're a GST-registered business, you’ll need to include your RSP or CSP as GST income. You can claim GST for items you paid for using the RSP or CSP.
COVID-19 Resurgence Support Payment (RSP)(external link) — Inland Revenue
COVID-19 Support Payment (CSP)(external link) — Inland Revenue
Residential rental properties are subject to the interest limitation rules unless an exclusion or exemption applies.
For residential rental property acquired before 27 March 2021, the ability to deduct mortgage interest as an expense is being phased out between 1 October 2021 and 31 March 2025.
For residential rental property acquired on or after 27 March 2021, no mortgage interest can be claimed from 1 October 2021 onwards.
Property interest limitation rules(external link) — Inland Revenue
In 2022 changes were made to the annual reporting requirements for New Zealand domestic trusts. Most trusts are now required to provide more information in their tax returns.