Income tax Dates
MAR 31Final date for ratio option provisional tax applications.
APR 7End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return.
MAY 7Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
You can claim environmental expenditure as an expense if:
- the taxpayer is in business in New Zealand
- the taxpayer’s business includes testing, construction, restoration, or monitoring
- it does not include land reclamation, non-environmental dredging or expenditure related to the acquisition of land
- it does not relate to revenue account property
- tax deduction is not provided for elsewhere, including farming business expenditures that are not covered by specific agricultural provisions.
The default deduction rates cover 4 categories of costs.
- Testing and feasibility expenditure: 100% deductible.
- Restoration expenditure: 100% deductible.
- Monitoring expenditure: 100% deductible.
- Construction or improvement expenditure is either:
- the lesser of either 35 years (1/35 deductible per year)
- the length of the applicable resource consent granted (1/life of resource consent deductible per year). You can use a straight-line deduction or adjust the rate to give a diminishing value deduction.
If the default deduction rates do not result in the correct calculation and taxation of income from business activities, you can apply to us for a category-specific rate.
Destruction or closure
If an environmental improvement is destroyed or a business closes, you can claim the remaining unamortised balance of the expenditure - the original cost, minus any deduction already claimed.