2022 Financial Year End Checklist for Business Owners

With 31 March fast approaching its time to check you’re ready….

Q2’s Business Checklist:

  • Strategic business plan in writing for next 12 months?
  • Is your business continuance plan still realistic and known to all staff?
  • Financial and cashflow forecasts prepared for next 12 months?
  • Pricing (and costings) reviewed or updated?
  • Organisational structure with reporting lines and accountabilities defined and up to date?
  • Job descriptions and KPIs in place for all team members?
  • Performance and/or annual salary reviews completed?
  • Marketing plan completed for next 12 months?
  • All 2021 tax returns filed with IRD?
  • 2021 terminal tax due by 7 April 2022 – should you consider a tax purchase?
  • Does 2022 provisional tax due 7 May 2022 need reviewed, or a tax purchase arranged?
  • Reviewed your Family Trust for compliance with the Trusts Act 2019?

Q2’s Tax Year End Checklist:

  • Bad debts written off accounts receivable (debtors) before 31/3/2022
  • Prepay expenses before 31/3/2022 so can claim as a tax deduction
  • Stock on hand correctly valued and obsolete stock written off
  • Minimise end of year Work In Progress (invoice or write off unrecoverable WIP before 31/3/22)
  • Review  last year’s fixed assets schedule for items scrapped or disposed of during year
  • Quantify holiday pay owing at 31 March 2022 (if paid by 2 June 2022 you can claim a tax deduction)

Accounting and Payroll Software

1st April is the ideal time to transition to new accounting and/or payroll software – get ready now! Q2 can help.

Tax planning for next year

On 1St April 2021 the top tax rate for individuals earning income over $180,000 increased from 33% to 39%.  From 1 October 2021 interest deductibility for residential rental properties started to abate, which will likely mean more tax to pay if you are a residential rental property investor. If you are concerned about tax planning, or wish to discuss the tax implications and options available, please contact us.


Contact Q2 if you wish to discuss any of the above. 


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