GST payment deadlines might not be the most exciting topic, but trust me, staying on top of your GST filing frequency is crucial for your business tax obligations.
If you’re dealing with 2 monthly GST due dates, you don’t want to risk penalties or overpaying due to missed due dates. We’ll walk you through the GST periods and filing deadlines so you can ensure compliance and avoid any late payment stress.
Stick with us, and we’ll help you get your GST return in on time, every time. Ready to nail those deadlines? Let’s dive in!
What are the GST Filing Periods in New Zealand?
If you’re in business and registered for GST, you’ll need to know when your GST returns are due. In New Zealand, businesses can file GST returns on different schedules: monthly, two-monthly, or six-monthly. This section will focus on the two-monthly GST due dates—the filing schedule for businesses that file their returns every two months. Let’s break down the key due dates and what you need to know to stay on top of your GST obligations.
Two-Monthly GST Filing: How Does It Work?
Businesses that file GST every two months are required to report their GST payments for a two-month period. This is a common choice for businesses with a lower turnover, as it gives a little more breathing room compared to the monthly filing option. Let’s look at the specific filing periods for two-monthly GST returns.
| Balance Date | Two-Monthly GST Filing Due Dates |
|---|---|
| January | March 28 |
| February | April 28 |
| March | May 28 |
| April | June 28 |
| May | July 28 |
| June | August 28 |
| July | September 28 |
| August | October 28 |
| September | November 28 |
| October | December 28 |
| November | January 28 |
| December | February 28 |
How to Manage Your Two-Monthly GST Due Dates
Managing your GST filing deadlines might seem like a lot, but there are simple ways to keep on top of things:
- Set Reminders: Mark the due dates on your calendar or set an automated reminder. If you’re using accounting software, it often has automatic reminders built in.
- Review Financials Early: Don’t wait until the last minute to prepare. Set aside time a few days before the due date to review your business transactions and ensure everything is ready to go.
- Track Your Sales and Expenses: Keep a running tally of your taxable sales and GST-inclusive expenses to avoid errors when filling out your return.
What Happens if You Miss a GST Due Date?
Missing a GST due date is something no business owner wants to deal with. Unfortunately, life can get busy, and sometimes deadlines slip through the cracks. However, it’s important to know what happens if you miss your GST filing deadline and how to handle the situation. In this section, we’ll break down the consequences of missing a due date and what steps you can take to get back on track.
Penalties for Late Payment
If you miss your GST due date, the Inland Revenue Department (IRD) will usually impose penalties. The IRD charges a late payment penalty of 1% of the GST amount due for payments made after the due date. On top of this penalty, interest will accrue on the unpaid GST balance. The interest compounds daily, which means the longer you wait to pay, the more you’ll owe. If the payment is more than seven days overdue, the penalty can increase to 5%. As you can see, missing a due date can quickly add up, so it’s important to file on time whenever possible.
How to File GST After the Due Date
If you’ve missed your GST due date, don’t panic. The first thing you should do is file your GST return as soon as possible. The sooner you file, the less interest and penalties you’ll incur. You can file your return online through the IRD’s myIR portal or through your accounting software. Once you’ve filed, it’s important to pay what you owe as soon as possible to prevent further interest charges. If you’re unable to pay in full, it’s a good idea to contact the IRD and discuss your options. They may be able to offer a payment plan depending on your situation.
Preventing Late GST Payments
To avoid missing due dates in the future, consider setting up a reminder system for your GST filing and payment deadlines. Using your calendar or accounting software to automatically track these dates can be a big help. Automating your accounting processes to track your GST obligations can also make things easier. If you’re unsure about your GST filing responsibilities, working with an accountant can provide peace of mind and ensure that everything is filed correctly and on time.
Key Considerations and Tips for Staying Compliant with GST Due Dates
Staying on top of your GST due dates might not be the most exciting part of running your business, but it’s absolutely crucial. If you’re filing GST returns, you need to make sure you’re hitting those deadlines to avoid penalties, fines, and unnecessary stress. In this section, we’ll talk about how to keep track of your due dates, some tips for staying organized, and how to avoid any costly mistakes down the line.
How to Ensure You Never Miss a Due Date
Look, I get it—life gets busy, and sometimes deadlines slip by. But here’s the thing: setting up reminders and staying organized will make a huge difference. You can use your phone, computer, or even your accounting software to set up reminders for your GST due dates. It’s a simple way to make sure you don’t get caught off guard. Plus, if you’re on top of your sales and expenses, your filing will be smoother too.
Here’s how you can stay on top of things:
- Set up reminders on your phone or accounting software.
- Mark your GST due dates on your calendar so they don’t sneak up on you.
- Keep an eye on your sales and GST-inclusive expenses so you’re always prepared.
- Track your filing frequency and make sure you’re not missing anything.
Can You Apply for an Extension on GST Filing?
If you’ve missed a due date or know you won’t make it, don’t stress too much. The IRD is there to help, and you might be able to get an extension. As long as you reach out early enough and explain why you need more time, there’s a chance they’ll grant it. It’s way better to ask for an extension than to let the deadline pass and face those nasty penalties and interest charges.
Automating Your GST Returns and Payments
If keeping track of your GST obligations feels like a headache, automation can be a lifesaver. With the right accounting software, you can track everything automatically—from your sales and expenses to the GST payments. No more worrying about missed deadlines or errors in your filings. Plus, a lot of this software integrates directly with the IRD, making the whole process even easier. It’s a simple solution to keep your GST filing on track.
Work with a Professional Accountant
If all of this still feels like too much or if you just want to make sure you’re getting everything right, working with an accountant can save you a ton of hassle. They can handle your GST filings, make sure you’re following the rules, and give you advice on how to save on taxes. Trust me, having an expert on your side will give you peace of mind and free you up to focus on growing your business.
Need help with your GST filing? Don’t wait until the last minute—get in touch with us today and make sure you’re staying compliant. Let’s get that GST filing sorted so you can focus on what really matters: running your business.
FAQs
What are the due dates for payment of GST?
The due date for your GST payment depends on your filing frequency. If you’re on a monthly schedule, your due date is usually the 28th of the following month. For two-monthly filers, your due date will be 28th of the second month after the period ends. Six-monthly filers, your dates are a bit further apart—every six months. Make sure you know your dates to avoid penalties.
What is the due date for GST monthly return?
If you’re filing monthly, the due date for your GST return is the 28th of the month following the end of your GST period. So, for example, if you’re filing for January, your return is due on February 28th. Simple, right? Just don’t forget it or you’ll be dealing with penalties.
What are the GST periods in NZ?
In New Zealand, your GST period depends on your filing frequency:
- Monthly: One month at a time.
- Two-monthly: Every two months.
- Six-monthly: Every six months.
Your GST return covers this specific period, and you’ll file after the period ends. Make sure you’re clear on your filing schedule.
What happens if no IR330 is received from a new employee?
If the IR330 form isn’t submitted, the IRD will apply the default tax rate. This can mean more tax being deducted than necessary, and no one wants that. So, if you’re a new employee or hiring someone, make sure the form is filled out right away to avoid overpayment.