Important Information for 2022 Year End

As we draw close to the end of another financial year, to assist you with your end of year close off we have provided a list of things to do before 31 March, on 31 March, and soon after 31 March.

Before 31 March 2022

Bad Debts

Please review your Debtors Ledger for any bad debts. To claim a deduction for bad debts, the defaulting accounts MUST be written off your Debtors Ledger prior to the 31st of March 2022. It is not enough to actually reduce the amount of the debtors after balance date by the amount of estimated bad debts or unrecoverable amounts owing.  In most accounting systems this means creating a credit note to the defaulting debtors account and coding it to the account code Bad Debts. If the original invoice included GST, then you can claim GST on the credit note.


Fixed Assets

Review the fixed asset register for items that have either been sold or scrapped during the year.  The Fixed Asset schedule can be found in your previous years Financial Statements. If you need another copy, contact our office for a copy. Please ensure you have narrated the entries coded to fixed assets with enough information for us to determine what has been purchased and have copies of invoices and any related financing readily available for us.


Repairs & Maintenance

It's a good time to review what you have coded to fixed assets and repairs and maintenance. All assets costing less than $1,000 (excl GST) may be claimed as an expense in the year of purchase, amounts greater than $1,000 (excl GST) could potentially be fixed assets. Please ensure you narrate these well in your accounting system for us to reduce queries on the job.


Structures & Financing

It may be time to consider an alternative structure or financing method for your business. Now is the time to consider Companies, LTC's and Trusts. If you are interested please contact us.



It may be appropriate to declare a dividend on or before 31 March. This may require top up income tax to be paid by 31 March 2022.


On 31 March 2022

Trading Stock

Your stock (including work in progress) must be counted, recorded and valued at 31 March 2022. The trading stock rules require that you value at the lower of cost, net realisable value or market selling value. Remember to exclude GST from your calculations and prepare a written record of your stocktake.


Stock value less than $10,000

if your total gross income for the year is $1.3 million or less; and

you can reasonably estimate your stock on hand at 31 March 2022 to be less than $10,000 (excl GST), you can choose not to value your closing stock or to include any change in value.


Holiday Pay & Wage Reports

Some payroll software systems do not allow for printing reports subsequent to 31st March, so ensure you have the reports printed as close to the end of the month as practical. This is particularly important for clients who accrue holiday pay outstanding at balance date.


Shortly after 31 March 2022

 Year End Bank Reconciliations

If you have a computerised cashbook (Xero, MYOB etc.) , when you receive your bank statement for 31 March 2022, ensure all transactions are entered for the year, perform a bank reconciliation to this date being 31 March 2022 and print a hard copy for your records.


PAYE Payments Due 5th/20th April 2022

If you intend to pay out Directors Fees or additional bonus / top up salaries to either your employees or shareholder employees, you will need to pay to the IRD the PAYE content of the payments by the 5th or 20th of April 2022.


Dividend RWT Payments Due 20th April 2022

If you intend to declare dividends on 31 March 2022 you will need to pay relative RWT content by 20 April 2022.


Interest RWT Payments Due 20th April 2022

If you intend to pay interest on loan accounts at 31 March 2022 you will need to pay to the IRD the RWT content of the interest by 20 April 2022.


3rd Provisional Tax Instalment Due 7th May 2022  (for 31 March balance dates)

The final instalment of 2022 Provisional tax is not due till after the end of the year. While this may be good for cash-flow, it could have negative implications if you want to pay a dividend this year. If you think this affects you, and you would like us to review your imputation credit account or have any concerns, please contact us.



Our Client Annual Checklists are available on our website at under the "Financial Resources" tab, "Client Annual Checklists".

To simplify these checklists we have separated them out into the type of entity and provided specific ones if you have a rental property or mixed use assets.

  2022 Business Checklist

  2022  Personal Checklist

  2022 Rental Checklist

  2022 Mixed Use Holiday Home, Boat and Plane Checklist

These need to be completed and signed before we process your 2022 information. The accuracy and completeness of this information you provide has a direct influence on the time required to perform your assignment.

When you have compiled your financial records for us please remember to include the completed and signed Checklist(s). If you do not have access to our website and require a copy of the Checklists, please give us a call and we can email a pdf of them to you or we will post  them to you, whichever you prefer.


We offer an end of year Healthcheck where we will review your accounting software and come back to you with a list of anything that may need adjusting or further investigation. This is a great way for you to learn what we are looking for when we prepare your financial statements.

You can learn along with way as we provide feedback on what you have processed and provide you with a detailed list of any further information we may need to prepare the financial statements. This can save queries on the job and you will be better positioned the following financial year from learning what we review and need to do to prepare your financial statements. We generally allow a couple of hours at a fixed price of $370+gst. Please contact our office for further information or to take up this excellent learning opportunity.


Please note: The above E-newsletter notes and the related articles on our website are of a general nature and therefore we urge clients who may be affected by these changes to contact us to discuss your specific circumstances before making any changes or drawing any conclusions.

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  • Takapuna Office

    Ground Floor, Takapuna Finance Centre
    159 Hurstmere Road
    P O Box 331 626
    Takapuna, Auckland

    Phone +64 9 414 4050
    Fax +64 9 447 1645
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