💘 Happy Hearts Day from Q2 Ltd! 💘
This Hearts Day, we’re sharing a little love — and some important reminders — to help you stay compliant and avoid any tax heartbreak this February.
❤️ Sweet Tax Deadlines for February
Don’t let late penalties spoil the mood. Please keep these key dates in mind:
• 7 February (observed 9 February):
Terminal tax due for the 2024–25 year if you do not have a tax agent (otherwise 7 April)
👉 View IRD key tax dates
• 20 February:
January PAYE and employer deductions due for small-to-medium employers
👉 PAYE filing and payment information
• 28 February (observed 2 March):
GST return and payment due for the period ending 31 January 2026
👉 Filing and paying GST
• 28 February (observed 2 March):
Third provisional tax payment due for taxpayers with a June balance date
👉 Provisional tax payment dates
💕 Fresh News to Fall in Love With
Here are some recent Inland Revenue updates worth noting:
• Lower UOMI Rates:
IRD has reduced the Use of Money Interest (UOMI) rate on unpaid tax from 9.89% to 8.97%, effective 16
January 2026
👉 Read about the UOMI rate change
• KiwiSaver Update:
From 1 February 2026, employees can apply for temporary KiwiSaver rate reductions ahead of default contribution increases in April
👉 KiwiSaver contribution changes
• Working for Families:
IRD has introduced tighter real-time data matching, meaning payments may adjust faster as income changes
👉 Working for Families information
💔 Pro Tip: Avoid the “Heartbreak” of Slow Refunds
IRD refunds may take longer than in the past — especially around peak filing periods. Filing early and keeping all your details (like bank account and income info) up to date helps speed things up.
• Make sure your details are current so IRD can pay refunds promptly (or ask Q2 to update them for you)
👉 Refunds & tax bills on the IRD site
• Typical processing times (including refunds)
👉 Current processing times from IRD (showing refund timing)
💼 EOFY Prep — Feel the Love Before 31 March
With the end of the financial year approaching, now is the time to:
• Review business expenses to ensure you’re claiming everything you’re entitled to
👉 NZ Guidance on Claiming Business Expenses
• If you have a rental property, double-check which rental costs you can deduct (e.g., repairs and maintenance) for this tax year
👉 NZ Guidance on Rental Property Expense Deductions
Final Reminder for 2025 Tax Filing Deadline – Don’t break IRD’s heart!
For taxpayers with a tax agent (such as Q2 clients), 31 March 2026 is the last date to file your 2025 income tax returns. Missing that deadline can result in loss of extension of time to file 2026 and future income tax returns.
Finally, don’t forget to maintain accurate records of all business transactions. Good record-keeping makes tax time much smoother and helps you make better business decisions throughout the year.
Wishing you a happy Hearts Day.
Warm regards,
Ann Cooper-Smith and Q2 Ltd Team