The end of the financial year is an important time for businesses and individuals to ensure their accounts are accurate and up to date. Proper preparation can help avoid unnecessary delays, penalties, and missed opportunities for deductions.
To make the process easier, we send out our collection form via Cognito Forms each year to gather your necessary financial information.
In addition to this, this year we have created a PDF Financial year-end checklist as a visual reminder of what we need from you. This serves as a simple reference to help you prepare your documents now so you are ready for collection this year.
Key Actions to Take Before 31 March
1. Provisional Tax Due in May 2025 – P3
If you are required to pay provisional tax, please note that the final instalment (P3) for the 2025 tax year is due by 7 May 2025. Ensure you review your obligations before the deadline, as late payments may incur penalties.
Important Reminder – If your Residual Income Tax amount is going to be over $60k for the year ended 31 March 2024, then you should pay your full tax liability in its entirety by this P3 date.
Contact us if you require any assistance.
2. Ensure All Financial Records Are Up to Date
All invoices, receipts, and bank statements should be organised and readily available. A useful tip is to store documents digitally in a folder titled '2025 Accounts' on your computer. This will help organise your records and reduce the burden of searching for paperwork later.
3. Finalise Payroll and Employee Records
Businesses should review payroll records, ensuring all wages, PAYE, KiwiSaver contributions, and leave balances are reconciled and accurate.
4. Review Business Expenses
Now is the time to check that all business expenses have been recorded correctly. Some expenses may be deductible, such as home office costs and vehicle use. Ensuring these are properly documented can help maximise your claims.
5. Plan for the Next Financial Year
Use this opportunity to assess your business’s financial health and plan for the year ahead. Reviewing cash flow, debt levels, and investment strategies now can help set a strong foundation for the new financial year.
Download Your 2025 Financial Year-End Checklist
To help you stay organised, we have created a PDF checklist summarising the key information we need from you. This checklist serves as a helpful reminder alongside the Cognito Forms collection process.
Download Your 2025 Checklist Here:
If you have any questions or require assistance, please contact our team. We are here to support you in preparing for the financial year-end efficiently.
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