The New Zealand financial year ends on 31 March. That date matters for every self-employed tradie — it determines what income and expenses count for this year's tax return, what you can still do to reduce your tax bill, and whether your records are in order for IRD.
This checklist covers everything you should do in the lead-up to 31 March (and the few things to sort out straight after).
Income and Invoicing
- [ ] Chase all outstanding invoices — income is generally taxable when you issue the invoice, not when you get paid. If you issued invoices before 31 March, that income counts this year regardless of when the customer pays.
- [ ] Check nothing has been missed — compare your invoices issued against your bank deposits. Any jobs invoiced but not in your system?
- [ ] Reconcile bank accounts — make sure every deposit in your business bank account is accounted for in your records.
- [ ] If you're on a cash basis for GST, check whether any large invoices you hold off to the next year make sense (if you're close to the $60k GST threshold, for example).
Expenses and Deductions
Tools and Equipment
- [ ] Buy tools before 31 March — tools under $1,000 are fully deductible in the year of purchase. If you need new gear, buy it before the financial year ends.
- [ ] List assets over $1,000 — these need to be depreciated rather than fully expensed. Note what you bought, when, and the cost.
- [ ] Check if any old tools have been disposed of — if you've sold, scrapped, or written off tools, there may be a depreciation adjustment to make.
Vehicle Expenses
- [ ] Calculate your logbook percentage — if you're using the logbook method, make sure your most recent 90-day logbook is still within 3 years (it doesn't need to be re-done annually, but must be current). If yours has expired, do a new logbook now.
- [ ] Total up vehicle costs — fuel, insurance, rego/WOF, tyres, servicing, loan interest (if financed). Apply your logbook percentage.
- [ ] If using the mileage rate — tally your total business kilometres for the year. Current IRD rate is $0.76/km for the first 3,500km, then $0.26/km.
- [ ] Record any private use — if your work vehicle was used for private trips, note this.
Other Deductions
- [ ] Gather all receipts — digital is fine. IRD accepts scans. Organise by category: tools, vehicle, phone, safety gear, training, advertising, memberships.
- [ ] Work phone costs — if your mobile is used for work, calculate the business-use percentage and apply it to your total bill.
- [ ] Home office — if you do admin from home in a dedicated space, calculate the floor area percentage and apply it to relevant costs (rent or mortgage interest, rates, power). Needs to be a dedicated workspace, not the kitchen table.
- [ ] PPE and branded work clothing — hi-vis, safety boots, branded uniforms. Not regular clothing.
- [ ] Training and course fees — directly related to your current trade only.
- [ ] Professional memberships and licences — trade body fees, LBP annual fee, electrical licensing, plumbing registration.
- [ ] Accounting fees — if you use a bookkeeper or accountant, those fees are fully deductible.
- [ ] ACC levies — deductible as a business expense.
GST
- [ ] Check all GST returns are filed and paid — no outstanding periods.
- [ ] Reconcile GST account — the GST amount in your accounts should match what you've filed with IRD.
- [ ] Review the March/April GST return — if you're on 2-monthly filing, your March/April period is due 28 May. Get the data ready now.
- [ ] Check GST on expenses — if you're GST-registered, make sure you're claiming input tax on all business purchases. Easy ones to miss: fuel receipts, small tool purchases, subscriptions.
Use our GST calculator to check amounts.
Provisional Tax
- [ ] Review your provisional tax position — have you paid all three instalments (28 August, 15 January, 7 May)?
- [ ] Estimate your actual profit — if it's significantly different from last year, consider whether an estimation method would save you interest.
- [ ] Check for use-of-money interest (UOMI) — if you underpaid provisional tax, IRD may charge interest. Factor this into your terminal tax estimate.
Subcontractors and PAYE
- [ ] Check all subcontractor payments — if you paid subbies, did you deduct schedular withholding tax (unless they had an exemption certificate)?
- [ ] File all schedular payment forms — IR15 or through myIR.
- [ ] If you have employees — confirm all PAYE has been deducted correctly and paid to IRD.
Records and Filing
- [ ] Back up all financial records — cloud backup or physical copies.
- [ ] Organise documents for your accountant — income summary, expense receipts, bank statements, depreciation schedule, vehicle logbook.
- [ ] Note any unusual items — sold a vehicle? Bought a major asset? Started or stopped business? Tell your accountant.
- [ ] Book in with your accountant — if you use one, book early. Busy period for tax agents runs April–July.
After 31 March
- [ ] IR3 filing — due 7 July if filing yourself, or later if you're on a tax agent's extension list (often November).
- [ ] Terminal tax — if you owe tax after provisional payments, it's due 7 February the following year (or 7 April if you have a tax agent).
- [ ] Review your structure — is sole trader still the right setup? If profit is consistently over $70–80k, a company structure may save tax. Talk to an accountant.
- [ ] Update your charge-out rate — rates should reflect actual costs including tax, ACC, and overheads. Use our hourly rate calculator to check if your current rate covers everything.
Free Tools to Help
| Tool | What It Does |
|---|---|
| GST Calculator | Work out GST on any amount |
| ACC Levy Calculator | Estimate your annual ACC bill |
| Hourly Rate Calculator | Build tax and overheads into your rate |
| Markup / Margin Calculator | Price materials correctly |
| Invoice Templates | IRD-compliant invoice and quote templates |
Related Articles
- NZ Tradie Tax Guide 2026 — Complete Overview — the full picture on income tax, GST, deductions, and provisional tax
- GST Registration for Tradies NZ — when to register, how to do it, and what changes
- ACC Levies for NZ Tradies 2026/27 — levy rates, CoverPlus Extra, and how to reduce your bill
- How to Set Your Hourly Rate as a Tradie — include all your costs so your rate actually covers your overhead
NZ Tradie Tools provides free calculators, templates and guides for New Zealand tradies. This checklist is general guidance — for advice specific to your situation, consult a registered tax agent.