As a sole trader, you’re a one-person show. That means you’re solely responsible for remembering and hitting all your tax deadlines – but what are they, exactly? Or more importantly, when are they?
Tax dates for sole traders
New financial year
In Aotearoa, the financial year runs from April 1st to March 31st of the following year; this is why you often see the financial year written over two dates e.g. FY 2024/25.
This means that the first big date in the tax calendar is April 1st – the start of the financial year. Any income you earn from this date will be counted towards your FY 2024/25 income, and corresponding tax bill.
End of financial year
Accordingly, the end of the financial year (EOFY) is March 31st.
When it comes time to file your tax return, you’ll need to include all income earned in the financial year up until this date to figure out:
- you’ve paid the right amount of tax,
- if you’re due a tax refund, or (unfortunately)
- if you’ve underpaid your tax and due for a tax bill.
Tax return due dates
There are a few key dates you’ll need to remember when filing your return. The dates are different if you’re filing by yourself or with a tax agent (*cough cough* like Hnry) or accountant, so take note which one applies to your situation!
Filing without an agent
- 7th July:
You have until this date to file your own return. This is the return for the most recent tax year that’s just passed, so in this case, tax from FY 2024/25.
Filing with an agent
-
31st March (of the following year):
If you have an accountant or tax agent, your tax return will be due on March 31st the following year.Confusing? Well, for example: tax returns for FY 2024/25 will only be due in March of 2026, if you have a tax agent filing on your behalf.
Tax payments due dates
Just like filing your tax returns, the due dates for your tax payments depend on whether you’re filing with or without an agent/accountant.
Tax due date without an agent
-
7th February (the following year):
If you have an outstanding tax bill, it’ll need to be paid by the 7th of February the following calendar year.For example; let’s say you still have $200 in tax to pay off from FY 2024/25. You’ll need to make sure this is fully paid by February 7th 2026 so you don’t incur any penalties or interest.
Tax due date with an agent
-
7th April (the following year):
Any outstanding tax bill needs to be paid in full by the 7th of April in the year following.Pretty sure you’ve got it, but just so we’re crystal clear: any remaining balance from FY 2024/25 needs to be paid by April 7th 2026, if you’re filing with an agent/accountant.
Provisional tax due dates
What is provisional tax?
Provisional tax is the IRD’s way of making sure you don’t end up with a tax bill at the EOFY by requiring you to pay your income tax in instalments across the FY.
If you have an outstanding tax bill of more than $5,000 from the previous financial year, you’ll be required to pay provisional tax for the following financial year.
📖 Find out more about provisional tax in this guide.
When do I have to pay provisional tax?
Provisional taxes dates will depend on a few things, like:
- If you’re GST registered
- Which payment option you’ve chosen
What are my payment options?
-
The standard option:
This is the default option but it’s also a good one if you think your income might increase over the next year.For this option, you’ll need to pay three instalments throughout the financial year on:
* 28th August
* 15th January
* 7th May -
The estimation option:
This is a good option if you think your income might decrease over the next year.You’ll need to pay three instalments on the same dates as the standard option:
* 28th August
* 15th January
* 7th May -
The ratio option:
This could be the best option for you if your income tends to fluctuate a lot.You’ll need to pay six instalments throughout the year if you’re using this method:
- 28th June
- 28th August
- 28th October
- 15th January
- 28th February
- 7th May
-
The accounting income method (AIM):
This is the least commonly used method. It’s good for businesses that receive irregular income, as it helps prevent large tax payments at the end of the financial year.If you’re using this method, your payment due dates will usually align with your GST due dates.
For example: if you’re paying GST monthly, you’ll pay your provisional tax monthly OR if you’re paying your GST every 2 months you’ll also pay your provisional tax instalments every 2 months and so on – you get the idea.
GST return due dates
If you’re GST registered you’ll need to charge and collect GST and file GST returns.
The payment dates for these returns will depend on the payment schedule or ‘filing frequency’ (as IRD likes to call it) you choose: either monthly, two monthly, or every 6 months.
Generally, your GST returns are due on the 28th of the month following the end of your GST period. Depending on the filing frequency you’ve chosen, you’ll need to take note of your GST return due dates.
For example; if you’ve chosen to file GST every six months and your GST period runs from 1st December to 31st May, your GST return will be due on 28 June.
Key Dates Table
Deadlines for self-filing your tax return
Deadlines for filing your tax return through a tax agent/accountant
| Date | Deadline | Description |
|---|---|---|
| 31st March | EOFY | The financial year runs from the 1st of April to the 31st of March the next year. That's why FYs include a range of two years – "FY 2024-2025" – instead of just one. Income tax rates are based on the income you make in a financial year, not a conventional year. |
| 31st March | FY before last's tax return due (filing through a tax agent) | If you have a tax agent (like us) or accountant filing on your behalf, your tax return for the previous financial year is due on the 31st of March. By previous financial year, we mean the FY before the year that's just ended. Eg. the tax return for FY 2023-2024 would be due on the 7th of April 2025. (Why the IRD has decided that the end of one financial year is the perfect time to receive a filing for a different financial year, we have no idea). |
| 1st April | NFY begins | From 1st April, IRD makes your tax return available to file in myIR. We recommend you don't file this until mid-May because IRD may not have the most up-to-date information until this point. If your income information is filed wrong, you will be asked to re-file. 💡 At Hnry, we start processing your tax return in May/June, after employers have finalised all their IRD submissions. This means when we file, we have the most accurate and up-to-date information on hand. |
| 7th April | FY before last's taxes due (filing through a tax agent) | If your tax agent/accountant is filing your return, you'll need to pay your residual taxes for the previous FY by the 7th of April each year. For example, if you have an outstanding tax bill of $500 from FY 2023-2024, that $500 will need to be paid before the 7th of April 2025. |
| 7th July | Last FY's tax return due (self-filing) | If you're filing your own tax return, you have until the 7th of July to submit it. This deadline is for the most recent FY return. Eg. the 2023-2024 tax return would be due on the 7th of July 2024. |
| 7th February | Last FY's taxes due | If you're filing your own tax return, you'll need to pay your residual taxes for the last FY by the 7th of February. For example, if you have an outstanding tax bill of $500 from FY 2023-2024, that $500 will need to be paid in full before the 7th of February, 2025. |
Or you can let Hnry do it!
You could go at it alone… or you could join the thousands of sole traders who use Hnry.
Hnry is an award-winning tax and financial administration service for sole traders. For just 1% of your self-employed income, we will completely sort out your:
We also file your annual tax returns, as part of the service. And on top of all this, our app has an invoicing feature that helps you create, send, and manage invoices. No extra software required.
Whether you’re just starting out, or an industry veteran, Hnry is designed for all sole traders. We make sure that you never know the horror of an unpaid tax bill – ever. And that’s a big deal, believe us.
Start your sole trader journey off on the right foot, and join Hnry today.
Share on: