Getting ready for the end of the 2026 financial year
As the 31 March financial year-end approaches, now is the time for business owners, farmers, and sole traders across Aotearoa to get their ducks in a row.
While EOFY can feel overwhelming, a little forward planning can make the process much smoother, and even uncover opportunities to improve your financial position.
In this blog we cover off a couple of up and coming changes you may need to consider, a reminder of the BFA process we have put in place to make the process as simple and easy as possible, and a new tool we have developed to help you review the health of your business.
New Kiwi Saver Rates
The Government recently introduced several KiwiSaver changes to encourage Kiwis to save more for their first home and retirement. The default rate of employee and matching employer KiwiSaver contributions will rise from 3% to 4% in two stages, with some changes coming into effect on 1 April 2026 and some on 1 April 2028.
If you are using an electronic payroll system, the change to KiwiSaver rates should happen automatically, but you should ensure you check this in case of any blips. Your payroll provider should give you instructions on what you need to do.
You may also need to do the following:
If an employee has an IRD approved Temporary Rate Reduction to stay at 3%, select this in your Employee Settings.
If you have employees aged 16-17 who have opted into KiwiSaver update their eligibility.
Click HERE to visit the IRD website for more information.
Minimum Wage Increases
From 1 April 2026 the Adult minimum wage increases from $23.50 to $23.95 per hour, and the Starting-out and Training Minimum wage increases from $18.80 to $19.16 per hour.
You should update any employees who are on the minimum wage, including checking that salaried employees still meet the minimum when divided by actual hours.
We are here to help! If you need any clarification please reach out to your Client Manager.
Client Questionnaire
EOFY can feel a bit daunting, but rest assured we are here to help. Your Client Manager will be sending your Annual Questionnaire in the month your job is scheduled. If you need this timing changed, just let us know.
Every Business/Entity is different, so you may not need everything listed. Simply supply everything that relates to you in the Annual Questionnaire - your Client Manager will guide you through anything you’re unsure about and help fill in any gaps.
How healthy is your business, really?
Running a business comes with enough challenges, and with the start of a new financial year, it’s the perfect time to pause, reflect, and reset your focus. It’s an opportunity to take stock of what’s working, identify areas for improvement, and make sure your business is set up for the year ahead. To support that process, we’ve created a Business Health Check to help you spot potential issues before they become problems. This self-serve checklist covers key areas that are often overlooked or due for a review. It’s designed to be simple, practical, and easy to use, with helpful notes and links to general information along the way. You’ll receive a personalised summary of your responses and notes, giving you a clear snapshot of where things stand, and a valuable tool for future planning. And if you’d prefer to talk it through, our team is always here to help, at no cost for BFA clients - contact us at info@bfa.co.nz if you’d like to take us up on this.