Payday filing for employers

2018-06-07T02:34:56+00:00 Categories: Free Resources|Tags: , , , , , |

On the 17th April IR implemented changes by moving other tax types and products to the new system from April 2018 onwards. Legislation has recently been passed that includes changes to:

  • Withholding taxes, Fringe Benefit Tax and Gaming Machine Duty
  • Automatic Exchange of Information – an OECD initiative to reduce and deter offshore tax evasion.
  • PAYE & Payday filing – voluntary from April 2018, mandatory from April 2019

Of particular importance is the change to PAYE & Payday filing which will affect all employers filing employee information to Inland Revenue. This communication to enable understanding of this change is important due to the requirement being mandatory in April 2019.

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Pay provisional tax only when you make a profit

2018-05-14T02:05:01+00:00 Categories: Free Resources|Tags: , , , |

The Accounting Income Method (AIM), the new pay-as-you-go option for managing provisional tax through accounting software, is now available for small businesses with an annual turnover of under $5 million.

With AIM, you pay provisional tax only when your business makes a profit. AIM will suit businesses that are growing, new, have irregular or seasonal income, or find it difficult to forecast their income accurately. AIM makes managing cash flow simpler because provisional tax payments are based on a business’ actual results.

Here’s how you can start using AIM in the current tax year:

  • If you have a balance date of 31 March and file GST every month, you will need to pay your first provisional tax instalment by 28 May 2018.
  • If you pay GST every two or six months, or if you’re not registered for GST, your first filing deadline for AIM is 28 June 2018.

Software providers MYOB, Reckon and Xero are offering AIM in their tax management accounting packages. MYOB is also providing AIM to their business customers. You’ll find more information on their websites.

Talk to your software provider or tax agent about whether AIM is right for your business. Visit www.ird.govt.nz/aim for more information or take a look at the free webinars on AIM at www.cchlearning.co.nz

Inland Revenue’s changes make tax simpler for businesses

2018-04-22T23:14:17+00:00 Categories: Free Resources|Tags: , , , , |

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.

Short Guide – small business tax made easier 2017

2017-10-18T01:10:59+00:00 Categories: Free Resources|Tags: , , , , , |

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IRD Tax Changes 2017 Template

2017-10-18T01:39:19+00:00 Categories: Free Resources|Tags: , , , |

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New Tax Changes April 2017: Improve your business

2018-02-12T03:46:08+00:00 Categories: Business Support Videos|Tags: |