Filing an individual tax return

Individuals are required to return income and any losses to the Inland Revenue Department. The return period for most people runs from 1 April to 31 March. It is possible to apply to IRD to change the balance date of 31 March to another date. This is common for seasonal income earners or those who wish to match the balance dates of their trading entities. 

An individual files an IR3 with IRD which is now almost entirely electronic. Individuals can register online with IRD. Although it is still possible to prepare a paper IR3 and post to the IRD. 

With a 31 March balance date, the required filing date is 7 July. Although if you make a request with the IRD they will usually grant another 2 to 4 months to file a tax return. If you are on a tax agency list and have previously made timely filings you are automatically granted one year to file your tax return.   

Income which does not require an IR3 return includes earnings only from employment, interest, dividends and Maori authority distributions. These types of income should have been reported to IRD and tax already deducted. Usually, the IRD will automatically issue a tax assessment notice based on records they hold which allows you to confirm or update IRD records. 

There are limited expenses you can claim against IRD automatic tax assessments. They include any use of money interest paid to IRD, some loss of earnings insurance premiums and some financial planning fees such as portfolio fees. 

All other types of income must be declared and filed on an IR3. This includes any interest or dividends over $200 which has not been reported to IRD. The list of reportable income is exhaustive and wide ranging. If you are unsure if you are required to file a tax return please get in contact. 

Further assistance please feel free to contact us.

The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.