What Does EOFY Mean? New Zealand End of Financial Year Explained
EOFY means End of Financial Year. In New Zealand it falls on 31 March. Learn the key dates and what it means for PAYE earners, sole traders, rental owners and companies.
Current for the 2025-26 financial year
EOFY stands for End of Financial Year. In New Zealand, that date is 31 March - not 30 June like in Australia, and not 31 December like many people assume. Everything you earned, spent, and owed as a business or individual gets tallied up to that date, and what happens next depends on how you earn your income.
What EOFY means in New Zealand
The NZ financial year runs from 1 April to 31 March every year. The 2025-26 financial year ran from 1 April 2025 to 31 March 2026.
IRD uses this period to calculate your total income, deductions, and tax position. Once the year closes on 31 March, the clock starts on your filing deadlines.
This confuses a lot of people, especially those who have moved from Australia or the UK where EOFY falls at different times. In NZ, 31 March is your line in the sand.
Key EOFY dates for 2026
| Date | What happens |
|---|---|
| 31 March 2026 | 2025-26 financial year closes |
| 1 April 2026 | New financial year begins |
| Late May to July 2026 | IRD issues automatic income tax assessments for many PAYE earners |
| 7 July 2026 | IR3 tax return deadline for self-filers |
| 7 February 2027 | Tax bill due for most individuals |
| 31 March 2027 | Extended IR3 filing deadline if you have a tax agent and qualify |
What happens at EOFY - by taxpayer type
Salary and wage earners, PAYE
IRD automatically assesses your income tax between late May and July if it has the information it needs. You usually do not need to file a return unless you have other income. Log into myIR to check your assessment - it will show whether you are owed a refund, have tax to pay, or are square.
> Example: Maria works full time and has no other income. In June she logs into myIR and sees a $280 refund from PAYE that was slightly over-deducted during the year. She checks that her bank account details are correct and accepts the assessment if IRD asks her to confirm it.
Self-employed, sole traders and contractors
You usually need to file an IR3 tax return by 7 July. This covers all your income, allowable expenses, and any provisional tax paid during the year. If you have a tax agent, your filing deadline may extend to 31 March the following year.
> Example: Ben is a freelance graphic designer. He earned $74,000 in the 2025-26 year and paid $18,500 in provisional tax across three instalments. At EOFY he files his IR3, claims his home office, software subscriptions and vehicle deductions, and IRD works out whether he has overpaid or still has tax to pay.
Rental property owners
You usually need to file an IR3 declaring rental income and allowable expenses. Ring-fencing rules mean rental losses can only offset rental income, not your salary.
Companies
Companies file an IR4 company tax return, also generally due 7 July unless an extension applies. Company tax is a flat 28%.
What to do before 31 March
The weeks before EOFY are when proactive taxpayers can still influence their tax position. After 31 March, the year is closed.
For sole traders and businesses:
- Buy any equipment or tools you need before 31 March if they are genuinely for business
- Pay outstanding supplier invoices before year end if you want those expenses in the current year
- Review debtors and write off any genuinely bad debts before 31 March if they meet the rules
- Check your provisional tax position
- Take a stock count if you carry trading stock
- Make sure vehicle records, mileage logs and receipts are tidy
For employees:
- Make charitable donations before 31 March if you want them included in that tax year
- Check your KiwiSaver contributions, noting the government contribution year runs from 1 July to 30 June
- Make sure your employer has your correct tax code
- Check myIR after EOFY for your income tax assessment
Why NZ EOFY is 31 March and not 30 June
New Zealand's financial year ends on 31 March. Australia uses 30 June, which is why people moving between the two countries often get caught out.
If you have income or tax obligations in both countries, do not assume the same year-end date applies. Your New Zealand tax position runs from 1 April to 31 March unless IRD has approved a different balance date for your business.
EOFY checklist
| Task | Who it matters for |
|---|---|
| Check myIR assessment | PAYE employees |
| Confirm bank account in myIR | Anyone expecting a refund |
| File IR3 by 7 July | Self-employed, rental owners, people with untaxed income |
| Review expenses and records | Sole traders and businesses |
| Check provisional tax | Self-employed and businesses |
| Talk to a tax agent early | Anyone with complex income |
FAQs
What does EOFY stand for?
End of Financial Year. In New Zealand that is 31 March every year.
Is NZ EOFY the same as Australia?
No. Australia's financial year ends 30 June. New Zealand's ends 31 March. If you have income or tax obligations in both countries, the dates are different and both need to be managed separately.
Do I need to do anything at EOFY if I am a salaried employee?
For most salaried employees, IRD handles the assessment automatically. Log into myIR between late May and July to check your result and confirm your bank account if you are owed a refund.
When is my tax return due after EOFY?
7 July if you are filing yourself. If you are registered with a tax agent and qualify for an extension of time, the filing deadline may be 31 March the following year.
What if I miss the 7 July deadline?
IRD can charge penalties or interest if you are required to file and miss the deadline. File as soon as possible if you have missed it, or contact IRD if you are unsure whether you needed to file.
Can I change my financial year end date?
Businesses can apply to IRD for a non-standard balance date, called a recognised balance date, if there is a good reason. For most individuals, the tax year is 1 April to 31 March.
What is the difference between EOFY and end of tax year?
In NZ they usually refer to the same thing - the 31 March close of the financial and tax year. Some contexts use EOFY for business reporting and end of tax year for personal tax obligations, but the date is the same.
Work out your next step
If EOFY shows you may have overpaid tax, use the TaxPop Tax Refund Calculator to sense-check your position.
If you are self-employed, use the TaxPop Self-Employed Tax Calculator to estimate income tax, ACC and take-home pay.
General information only - check your EOFY obligations in myIR. Sources: IRD end of tax year, IRD end-of-year timelines, IRD IR3 guidance, and IRD extension of time arrangements.