This statement sets out Inland Revenue’s practice for considering requests for the Commissioner’s approval to change a balance date for income tax purposes.

CA ANZ notes the additional discussion included in the draft statement regarding:

• a taxpayer’s ability to adopt a 30 June balance date to align with Maramataka Maori, and
• the interaction with the balance date rules under the Financial Reporting Act 2013.

Notwithstanding, the Commissioner’s approach to approving a change in balance date is fundamentally unchanged.

According to CA ANZ, the Commissioner’s approach to approving a non-standard balance date should be modernized.

CA ANZ suggests some aspects of the item be reviewed and clarified with additional references.