Get your income tax return right and file on time
Find out whether you need to file and what recent changes may affect how you complete your income tax return for the tax year ended 31 March 2024.
If you've received an income tax return but believe you don't need to file one (for example if you've only earned salary and wage income and no additional untaxed income), please send us a message in myIR or call us so we can update your details.
Know what to file
You need to complete an individual income tax return at the end of the tax year if you received more than $200 (before tax) in income that we have not been told about.
We generally know about any taxed income you received during the year, like from salary or wages. But we do not always know about untaxed income. You'll need to declare any untaxed income, like from:
- self-employment
- overseas
- rental property including Airbnb and Bookabach
- taxable property sales
- 'under the table' cash jobs
- an estate, trust, or partnership
You'll need to pay tax to New Zealand on the income you earn from New Zealand sources if you're a non-resident.
We generally know about any taxed income you received during the year, like from salary or wages. But we do not always know about untaxed income. You'll need to complete a non-resident individual income tax return if you:
- received income from New Zealand that was not taxed
- received income from New Zealand that was taxed at the wrong rate, or
- had losses or excess imputation credits carried forward from the previous year.
Income tax return for non resident individual taxpayers (IR3NR)
If your company is a New Zealand resident for tax purposes, and is active in New Zealand, you'll need to complete a company income tax return at the end of the tax year.
You may need to give us financial information about your company in your tax return, or in other financial reports.
Financial reporting for companies
If you're no longer trading, you still have to file returns unless you complete a non-active company declaration.
Complete a Non-active company declaration
File a Companies income tax return IR4
You need to complete a trust and estate income tax return if you are a trustee of a trust, or the executor or administrator of a deceased person's estate, to account for any income the trust or the estate earns.
If you meet the criteria, you can declare a trust as non-active. If your application is approved, you will not have to file income tax returns for your trust.
In 2022 changes were made to the annual reporting requirements for trusts. Most trusts are now required to provide more information in their tax returns. Check what additional information you need to provide.
Additional reporting requirements for NZ domestic trusts
Partnerships file partnership and look-through company income tax returns each year. These returns show how much profit or loss was shared between each partner.
Partnerships do not pay income tax on their profits. Instead, the profit or loss is shared between the partners. The partners separately pay income tax on any profit, and they can also claim any partnership losses against their own personal income.
Each partner also needs to file their own Individual income tax return showing their partnership income or losses.
File a Partnerships and look-through companies income tax return - IR7
All Māori authorities must file a Māori authority income tax return each year unless a non-active declaration has been completed.
Income tax for Maori authorities
New Zealand clubs and societies must file a Clubs or societies income tax return every year unless they have an income tax exemption.
Your club or society may be able to claim tax benefits if it's being run as a not-for-profit. This could include paying less or no tax and not having to file income tax returns. Your club or society needs to meet certain requirements and you'll need to apply to us to be approved as a not-for-profit.
Financial support might affect how you file your return
If you received a leave subsidy payment during the 2024 tax year you’ll need to declare the income on your income tax return. This includes payments that you may have received through another entity (e.g. a company, partnership, or trust).
If you file in myIR, the leave subsidy you have received should appear automatically in the 'Government subsidies' field of your return. You just need to check the amount is correct.
Claiming mortgage interest for residential rental properties
Interest limitation rules apply to residential rental properties unless an exclusion or exemption applies.
If you own a residential rental property and purchased it before 27 March 2021, the ability to deduct interest as an expense remains at 50% for the period 1 April 2023 to 31 March 2024.
If the property was purchased on or after 27 March 2021, no interest can be claimed.
There are some exclusions and exemptions from the rules. For example, main homes, property development and new builds.
Talk to a professional or find out more on our website.
Property interest limitation rules
If you’re claiming interest expenses (deductions), you need to complete the interest fields in your income tax return as well as completing your IR3R. Please copy the amounts from your IR3R to the relevant fields in your income tax return.
If you’ve sold a property that meets the bright-line property rule, then you’ll need to complete an IR833 alongside your tax return and include any share of profit in your return. The share of profit can be found at box 12 of your IR833 and needs to be added to the net bright-line profit (excluding losses) field in your tax return.
Complete a Financial statements summary - IR10
Complete a Bright-line residential property sale information form - IR833
If you have a refund or tax to pay
Once we receive all of your information, we'll work out if you're due a refund or if you have tax to pay.