End of Year Checklist
Take a look at:
- How much stock you are carrying at the end of the year. Dispose of any obsolete lines or write the stock down to its net realisable value
- Planned dividend payments and the company's imputation credit account balance. We will be reviewing these in March. Be aware that some DWT may be payable in April for this!
- Debtors: If you have taken reasonable steps to recover a debt, you may be able to write if off and claim a deduction
- Fixed Assets: can any be written off? Pull out last years accounts and scan the asset schedule for anything you no longer have and let us know
- Amounts owed to employees such as holiday pay, bonuses. Long service leave, redundancy payments. They can be claimed for in this year if paid within 63 days of balance date
- Creditors: Make sure you have accurate details of unpaid bills at balance date as these are deductible
- Credit Notes issues to customers following balance date that apply to income earned this year
- Retentions owing: they are taxable this year if you receive them by 31 March
- Make sure loss offset or subvention elections are filed with IRD on or before 31 March
- Can you prepay any of your expenses to claim a deduction? Not sure what kinds of prepayments are deductible? Ask us
- Significant maintenance or repairs undertaken before end of year may be eligible for an early tax deduction. Check if you're not sure where expenditure on an asset is deductible as repairs or maintenance or if it should be capitalised
Call us if you'd like a quick heads-up on what to look for in the details or options for how to treat any of the above.