TAX RETURN FAQ

By Garreth Collard, Senior Property Accountant | April 30, 2025

Tax return FAQ (or Frequently Asked Questions); this post has been updated as of 2026 (although dated mid-2025). This FAQ answers the questions we hear most often from clients and explains what to expect during the tax return process, what information you’ll need, and how to make filing your return as straightforward as possible.

30-Second Read: Key Points

Filing a tax return doesn’t need to be stressful. Whether you’re a salary earner, property investor, contractor, company owner, or trust beneficiary, understanding the tax return process can help you avoid common mistakes, reduce unnecessary delays, and ensure you meet your obligations to Inland Revenue.

Key takeaways:

Tax return requirements vary depending on your income sources and circumstances.
Property investors often need to provide additional information and records to support their tax position.
Inland Revenue receives information from many sources, making accurate reporting more important than ever.
Missing deductions can result in paying more tax than necessary.
Filing late or providing incomplete information can lead to penalties and interest.
Working with a specialist accountant helps ensure your return is accurate, compliant, and tax-efficient.

NZ tax return FAQ illustration showing a kiwi bird reviewing a tax return with questions about tax deductions, work expenses, refund status, filing deadlines, and eligibility to claim expenses.

Miscellaneous

Q: My rental is running at a loss. Why don’t I get a tax refund anymore?
A: You can thank the government for that. They changed the rules so that losses from rental residential property, are “ring-fenced”. That means they can only be offset against profits from the same kind of income. Read more here. What do do about it? Read about our recommended strategies here.

Q: Why should I go with EpsomTax.com?
A: Read about us here and see the benefits of using a genuine property accountant here

Q: What exactly am I paying for?
A: It depends what you have. If, like most people, you have an LTC, then the Companies Act specifies that the company must have financial statements that are legally compliant, and Inland Revenue insist on tax returns being filed (IR7, IR7L and IR10 are what they are called). Then they also insist on personal tax returns being filed (IR3 is a personal tax return, IR3R if you are non-resident, and and IR526 is a donations rebate return)

If you have a partnership or a trust or a standard company, the general idea is similar. First we have to compile all your disparate bits of info into a legally compliant format (financial statements) and then we use these to produce tax returns.

Of course, our fees also include advice, queries, forms, documentation etc, so that’s built in to the price too. You won’t get a nasty surprise bill from us after you ring or email with a question. Unlike other accountants.

Q: Why do I need to complete a tax questionnaire every year?
A: This is basically to cover your back. It proves that we and you have all asked/answered the right questions, if anyone ever asks. Could come in handy if you are trying to prove your innocence to IRD. The checklist is to help you gather your info, as there is quite a list, and it is easy to get lost. You can go thru the checklist and check things off, one by one.

Q: What do my statements mean?
Please see this page for our super handy guide on how to read financial statements. And this one!

Mistakes

Q: Do you ever make mistakes?
A: Yes. Where you have imperfect people, mistakes and errors cannot be fully eliminated. However, when the error is discovered, we will do our best to put it right and make appropriate compensation for the inconvenience.

Software

Q: What is Xero?
A: We explain here(opens in new tab)… with pictures too!

Q: How do I complete the online tax questionnaire?
A: Please see this article(opens in new tab)

Q: How do I download loan transactions from my bank?
A: See here

Process questions

Please see these links for more information:

Tax

Q: Why does the address on my tax assessment say Howick?
A: That’s our IRD-approved tax agency mailing address

Q: How do I download loan transactions from my bank?
A: See here

Q: I have some questions about my personal tax return.
A: See our growing list of questions here

Q: What’s the process for getting my tax returns done?
A: We explain it here

Q: Can I claim my insurance on my tax return?
A: Maybe. See this article… and this one.

Q: How much tax will I get back?
A: Visit this link for more information

Q: How long will it take?
A: Get an overview here

Q: I didn’t receive any income; do I have to file a tax return?
A: Maybe. See here for more details.

Q: What’s the AECT/Entrust Dividend?
A: See here or here(opens in new tab)

Q: What happens if I make a loss?
A: We explain it here

Q: What records do I need to keep for my rental property?
A: See this blog article

Q: Where do I find your forms and fine print?
A: See here for policies; here for forms

Q: What are the new tax brackets?
A: You mean, since 2024? See this article

Financial statements

Q: I can’t understand my Financial Statements!
A: Fear not. We explain them in simple terms here

Q: What is a Solvency Resolution?
A: See here

Videos

Q: What is depreciation?
A: See this post

Q: Have IRD(opens in new tab) published any videos on rental income?
A: Sure have. Watch this

Q: What expenses can I claim?
A: See this video, produced by Inland Revenue.

Forms & links

For all clients, whether annual tax or GST questionnaire, simply click here
Visit the FAQ page or this page: Common Questions About Your Tax Returns

Still have questions about your tax return? You’re not alone.

Every taxpayer’s situation is different, especially if you own investment properties, operate through a company or trust, earn income from multiple sources, or have recently experienced life changes that affect your tax position.

At EpsomTax.com, we help New Zealand property investors and business owners navigate the tax system with confidence. We’ll explain your obligations in plain English, identify legitimate deductions, and ensure your returns are prepared accurately and on time.

Contact EpsomTax.com today and let our specialist property accountants take the uncertainty out of tax time, so you can focus on growing your wealth rather than worrying about Inland Revenue requirements.

Posted in FAQS, Tax and tagged explanations, instructions, tax, taxes, trickyquestions