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We're committed to helping you get your tax right, from declaring income to claiming expenses and entitlements.

You can get help and support so you know what you need to do and how to do it, whether you:

  • run a business
  • work as a contractor
  • earn a salary and other income on the side.

Managing your tax well

Putting some basic processes in place will make it easier for you to do what's needed and get your tax right.

Keeping good records

Whether you run a business or work as a contractor, you need to keep good financial records. These records should include details of all your income and expenses, including what you pay your staff and what tax you pay.

When it's time to file your GST and income tax returns, having this information will help you get it right.

Record keeping


Accounting for your cash

It's okay to do jobs for cash as long as it's accounted for like any other income. This means recording the income and including it in your GST and income tax returns. This can include cash you earn from extra things such as tips, selling scrap metal or gate sales.

Remember to declare all your income when you file your tax return, including any cash.

Separating your tax

To have enough money to pay your tax, you need to plan ahead. It's best to set aside money from your income regularly when you do your accounts. Provisional tax payments can put a drain on your cash flow if you have not set money aside.

The GST and PAYE you collect is not your money, it's money you collect from others on behalf of the Government. Keeping it separate will stop you spending it.

Set up a separate bank account for your tax to separate it from your income. This way you'll always have money available to pay your tax when you need to.

Using a tax agent

If you struggle to get your tax right or pay on time, consider using a tax agent.

A tax agent is expert at understanding what is required and getting it done.

If you use a tax agent, the cost of this is a deductible business expense and can be cheaper than penalties or prosecution.

Fixing your mistakes

If you've made a mistake or filed an incorrect return it's best to let us know now, rather than wait for us to find out some other way.

Fixing mistakes in my return

Last updated: 28 Apr 2021
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