The period after 31st of April of every year can be both nerve wrecking and a relief as the end of the financial year is met. Sole traders and companies will hustle and bustle to get their annual accounts done (also known as financial statements and/or taxation returns) and it is a busy period for everyone, including accountants. For everyone, worried or not, we have collated a checklist of everything you could possibly need to complete your annual accounts. It is a process which can be easily managed, even under time pressure.
The NZ tax laws state that all financial statements and annual accounts to be completed by 7th of July 2022.
For those with accountants that have an Extension of Time (EOT) from IRD, including Elite Accounting Limited, you will have an additional 1 year to file your return ending 31st March 2023, if you meet the requirements.
The main things you need to remember:
- Gather all your statements, receipts, documents used on your business
- Make sure and understand what you need to fill out and bring
- Familiarize yourself with any questions that may be asked
- Contact your accountant and let them do the work
- Be patient and compliant with sending information required
- Once your accounts are done, review them and sign
Some of the information you need to gather:
- Copy Bank Statement showing closing balance 31 March 2021
- Copy Loan & Hire Purchase Statements
- Total Stock held as at 31 March 2021
- Accounts Receivables Summary
- Accounts Payables Summary
- List of Assets purchased & sold (send documentation)
- Cash on Hand
- Investment income – Interest & Dividend statements
- Transactions not through business account (full details required)
- Covid-19 Relief Subsidy, details of Wages, Small Business Cashflow Loan scheme etc
- Motor Vehicle Business use vs Total use
- Home Office Table
|||April 21 – March 22|
|Home area (Sqm)|||
|Office & Workshop Area (Sqm)|||
|% of time used for business|||
|Insurance (Building & Contents)|||
|Interest on Mortgage|||
|Repairs & Maintenance|||
Now that you have everything you need to complete these returns and statements, the next step would be to contact your accountant or an accountant. At Elite Accounting, we understand the importance of filing tax returns on time and completing your annual accounts to accuracy, including how stressful and complicated it may be.
In saying this, Elite Accounting have your back, we aid you, meet with you (over call, online or in real life at the office) and complete the job for you without any stress, extra time or paying a large sum of money. Whether you are a small business or a big one, a sole trader with rental properties, an individual that has a large tax debt, or perhaps someone who is heavily involved in dealing with crypto currency, we have got your back. Talk to us today.