Easter weekend fell at the end of March this year, on the final days of the tax year. The timing has some important implications for some of you:
Extended 2023 returns
Taxpayers working with a tax agent who have an extension of time arrangement for 2023 tax returns should be aware that returns filed from March 29 to April 2, 2024 will be classed as having been received on time. Note the statute time bar (where Inland Revenue can reassess a tax return) for 2023 returns will be 31 March 2028 for returns filed on or before 31 March, and if filed after 31 March 2024, the statute time will extend out to 31 March 2029.
If you have a June balance date
If your 2023 return was filed on or before March 28, your second instalment of 2024 provisional tax will be based on 105% of your 2023 residual income tax.
If you filed your 2023 return after March 28, your second instalment will be based on 110% of your 2022 residual income tax.
Unsure how Easter timing affects you? Give us a call.
Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.
