Ird what is balance date

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Toggle mobile nav. News and events Media releases Updates Newsletters and bulletins Seminars. Tax Technical. Tax Policy. About us. Contact us Contact us Media queries. Income tax. The anniversary date of the commencement of the business is not a valid reason for a non-standard balance date.

Inland Revenue will not consent to the use of a non-standard balance date if it is for the reasons of tax deferral or tax avoidance, or to take undue advantage of a tax incentive or concession.

Consent will not be given where the election is made to spread the balance dates of a number of funds in order to smooth the workflow of the manager or the trustee of those funds.

In cases where administrative functions have been contracted out to a third party for example, a specialist administration manager Inland Revenue will not provide consent to adopt the manager's balance date. All requests for consent to non-standard balance date elections for unit trusts, group investment funds, superannuation funds and taxpayers required to file "as agent" returns should be sent to:.

The adoption of a non-standard balance date will continue until the date is changed by a further election. Income tax. Income tax Dates JAN JAN Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options. FEB All Income tax dates. Instalment Due date 1 28 June 2 28 August 3 28 October 4 15 January 5 28 February 6 7 May Standard or estimation option If you use the standard or estimation option, you'll generally pay 3 instalments of provisional tax.