On 17 April, Inland Revenue made changes to streamline business taxes. It’s part of the department’s commitment to create a modern tax system which is simple to use, makes it easy for everyone to get their taxes right, and fits as seamlessly as possible into people’s lives.
You will have seen and heard about the changes over the last few months, but here’s a reminder of what’s now in place:
- The new ‘My Business’ section in myIR, where you can now manage tax types like Fringe Benefit Tax and Gaming Machine Duty. For help navigating myIR, visit here.
- The ‘Accounting Income Method’ (AIM), a new ‘pay-as-you-go’ method for managing provisional tax, is now available. Talk to your tax agent or software provider about whether AIM is right for your business, and go here for more videos and information.
- Parliament has recently passed legislation which will require employers to file PAYE information every payday rather than monthly. This is voluntary from April 2018 and mandatory from April 2019. Find out more here.
As always, we will be working closely with Inland Revenue to support you and answer any queries about the changes.
Click here for more information.