Provisional & Terminal Tax

Christmas and the New Year festive season is often regarded as the most expensive time of year, however for people in business April and May are right up there.

The 3rd provisional tax payment for the 2023 year is due on 7 May 2023, and Terminal Tax (any final, wind-up payment for the 2022 financial year) is due on 7 April 2023.

By now you should have received out tax notices for the April Terminal Tax payment, as these were sent out by our office in early March. If you have not received a notice from us for this instalment and were expecting one, please contact Shelley Law from our office. The tax notices for 7 May will be sent out in early April, so keep a look out for these too.

We realise that recent weeks and months (if not the last 3 years in general!) have been quite turbulent for many of our clients, and your financial results for the current year may differ significantly from the previous year that your provisional tax has been based on.

If you believe your net profit for the current year will be considerably higher or lower than last year, and would like us to check over your results to ensure your tax payment for the next instalments look right and fair – please feel free to contact your usual MDA advisor.

Also, as we have frequently advised in these bulletins in the past, we have a great relationship with our partner TMNZ, who can assist with Tax Pooling (Finance) for these upcoming instalments. If you find you do not have sufficient funds to make full repayment at this time, please discuss this with your MDA accountant who can seamlessly set up a repayment arrangement for you.