GST returns are due every two months or six months, depending on the option you chose when you registered. You\u2019ll be charged a penalty for late filing – $50 if you\u2019re on the payments basis; $250 if you\u2019re on the hybrid or invoice basis. The penalty is due for payment before the 28<\/span>th<\/span> of the month after the return was due.\u00a0<\/span><\/p>\n Dates for two-monthly GST return and payment<\/b><\/p>\n Dates for six-monthly GST return and payment<\/b><\/p>\n If you work for yourself, filing your tax return in time is an important part of a healthy relationship with Inland Revenue. Here\u2019s a quick rundown \u00a0 on what form to file, depending on your business structure:<\/span><\/p>\n The official last chance for filing your return is 7 July.\u00a0<\/span><\/p>\n The penalty you could be charged for filing a late return depends on your income. If your business income is less than $100,000, the penalty is $50. If income is between $100,000 and $1million, it\u2019s $250.\u00a0<\/span><\/p>\n If you\u2019re late paying your income tax, Inland Revenue is required to send you a reminder before imposing a penalty. The reminder will include the last-chance date. After that, a late payment penalty will apply. Here\u2019s how the penalties roll out:<\/span><\/p>\n If you\u2019re worried you won\u2019t be able to pay your tax bill on time, call Inland Revenue on 0800 377 772 to see how they might be able to help.\u00a0<\/span><\/p>\n You need to file employment information within two working days of each payday. If you\u2019re late or forget to file, the penalty is either $250 or $1 for each person employed during the month (whichever is greater).\u00a0<\/span><\/p>\n Inland Revenue will send you a reminder for the first and second time you forget. If you\u2019re late for a third time within 12 months, there\u2019s no reminder and the penalty will be charged automatically.\u00a0<\/span><\/p>\n If you underpay tax because your tax return is wrong, you might be charged a penalty. The reasons Inland Revenue give for charging penalties are:<\/span><\/p>\n For more detail about penalties for underpaying income tax, visit Inland Revenue.\u00a0<\/span><\/p>\n In serious cases, a tax crime means jail time.\u00a0 Serious crimes include not keeping records for your business, not giving Inland Revenue the information they require (including tax returns and forms), providing false or misleading information, taking a refund you\u2019re not entitled to, avoiding the assessment or payment of tax and manipulating electronic data.\u00a0<\/span><\/p>\n Inland Revenue is not heartless. You can ask them to waive a payment penalty for late filing or late payment if you have a reasonable excuse. They\u2019ll be more likely to be lenient if you\u2019ve made a genuine mistake or were given wrong advice by Inland Revenue\u2019s own team.\u00a0<\/span><\/p>\n Keeping Inland Revenue happy with promptly filed returns, accurate calculations and on-time payment is so much easier when you\u2019re with Afirmo.\u00a0 Our online toolkit is designed especially for self-employed people – freelancers, contractors, sole traders and small businesses \u2013 who want an easier way to look after bookkeeping, tax, financial reporting, insurance, marketing and sales.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Penalties for a late GST return GST returns are due<\/p>\n","protected":false},"author":3,"featured_media":1896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-and-tax"],"acf":[],"yoast_head":"\n\n
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Penalties for late filing of your income tax return<\/h3>\n
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Dates for your income tax return<\/b><\/h3>\n
Penalty amount for late filing<\/b><\/h3>\n
Penalties for late payment of tax<\/h3>\n
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Penalties for forgetting to file employment information<\/h3>\n
Penalties for underpaying income tax<\/h3>\n
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Jail time for serious offences<\/h3>\n
Asking for leniency<\/h2>\n
Get Afirmo and stay cool with Inland Revenue<\/h3>\n