Quick Summary
If your business has a March balance date and files GST two-monthly in New Zealand, your taxable periods will typically run from April-May, June-July, August-September, October-November, December-January, and February-March. This alignment ensures consistency between your financial year and GST reporting.
Details
GST Taxable Periods and Your Balance Date
In New Zealand, the GST taxable period you choose (monthly, two-monthly, or six-monthly) must align with your business's balance date. This ensures that your GST reporting cycles are consistent with your overall financial year. Let's consider the example of a March balance date for two-monthly filers.
- March Balance Date: This means your financial year ends on 31 March.
- Two-Monthly GST Periods: To align with a March balance date, your GST taxable periods will typically be:
- April - May
- June - July
- August - September
- October - November
- December - January
- February - March
- Importance of Alignment: This synchronisation simplifies accounting and reconciliation processes, as your financial records for a given two-month period will directly correspond to your GST reporting for that same period. If your current taxable period doesn't align, you can apply to the IRD to change it via myIR.
Source: GST guide (IR375)