Quick Summary
If you do not file your GST return by the due date in New Zealand, the Inland Revenue Department (IRD) can impose late filing penalties. It's crucial to file on time to avoid these charges and maintain good tax compliance.
Details
Consequences of Late GST Filing
Filing your GST return on time is a fundamental obligation for all GST-registered businesses in New Zealand. Failure to do so can lead to penalties from the Inland Revenue Department (IRD).
- Late Filing Penalties: The IRD applies penalties for returns filed after the due date. These penalties can accumulate, increasing your overall tax burden.
- Impact on Compliance Record: Consistently late filing can negatively affect your business's compliance record with the IRD, potentially leading to increased scrutiny.
- Additional Charges for Late Payment: It's important to distinguish between late filing and late payment. While late filing incurs penalties, if you also fail to pay any GST owed by the due date, separate late payment penalties and interest will apply.
- Proactive Communication: If you anticipate being unable to file on time, it's always best to contact the IRD beforehand to discuss your options, as they may be able to provide assistance or advice.
Source: GST guide (IR375)