tax Category

In this newsletter, we inform you of a temporary system shutdown by IRD for system updates over Labour Weekend 2024. From 5pm Friday, 25 October to 8am Tuesday, 29 October, myIR, phone services, and gateway services will be unavailable. We also advise early filing for returns due over the shutdown period, including the 28 October GST due date, which is automatically extended to 29 October. Payments for Working for Families and Child Support will remain unaffected.

This newsletter highlights upcoming tax deadlines for October and November, including payroll and GST obligations. It also discusses changes in GST for Airbnb and other electronic marketplace rentals starting April 2024, and updates on Xero’s pricing and payroll enhancements. Additionally, it covers rules around foreign share taxation and announces a feature on insolvency firm Blacklock Rose.

Our latest newsletter focuses on important tax deadlines for June and July 2024, tips for avoiding IRD-related scams, and efficient methods for storing business records electronically using Xero and Hubdoc. It also highlights alternative tax payment options through Tax Management New Zealand (TMNZ) to help manage provisional and terminal tax obligations. Stay informed and plan ahead to ensure smooth financial operations.

The 31st of March is the equivalent of New Year’s Eve for accountants. For most clients, 1st April signals the start of the New Year for business and tax purposes. When you are ready to assemble your information, we ask that you complete the questionnaire and declaration, which will be available on our website from 1 April 2024. This is an electronic questionnaire, which enables you to upload documents, save progress and complete over time. A questionnaire needs to be completed for each entity & person in your group.

Inland Revenue was taking a much more relaxed approach to outstanding tax debt during 2020 and 2021 – but now it’s ready to crack down. Since the start of July, it has stepped up its efforts to pursue outstanding amounts from local businesses. Inland Revenue spokesperson on outstanding tax debt, Richard Philp,​ confirmed the department was increasing its debt collection activities. “Until recently, IR has been more focused on supporting businesses that have been affected by Covid and qualified for various Government Covid support payments.” PAYE and KiwiSaver payments will be the first priority The amount of outstanding PAYE and…

The borders opening up provides the opportunity to venture overseas for business and work-related conferences. However, it can be hard to keep track of what daily expenses you can claim when you're traveling for work or taking a holiday as part of the same trip. Below we have created a summary of what you can claim for the parts of an overseas trip that are work-related and guidelines for eligibility. Travel costs In general, when you are away from home on business related travel, you can claim for costs including:   flights taxis, or mileage if you use your own…

As a taxpayer, if you don’t pay your tax, pay late or underpay, you are subject to use of money interest. So what does this mean? When do you have to pay use of money interest to Inland Revenue? Taxpayers that must pay use of money interest are those who: have under-estimated their provisional tax have earned income which has either not been taxed, or has not had enough tax deducted from it, and the end of year residual tax works out at $60,000 or more pay their taxes late. COVID-19 Inland Revenue has discretion to write-off penalties and interest…

Have you recently donated to a charity? If you have already donated or are planning to, you can claim 33.33 cents for every dollar you donated to approved charities and organisations. Learn how you can support your charities of choice whilst claiming tax credits on every dollar. What you can claim You can claim tax credits for donations of $5 or more when the donation: was to an approved charity or organisation did not provide any direct benefit to you or your family was not given, bequeathed, done or appointed by will or made by way of a full or…

Certain types of payments received by contractors are known as ‘schedular payments’. The schedular payments regime determines the rate of tax taken out of contractors’ pay. The tax on schedular payments is known as withholding tax. If you’re a contractor, you may be able to choose your own tax rate. Contractors in some industries can choose their own withholding tax rate (within limits). If the paperwork is all in order, the payer will withhold tax at the rate the contractor chooses. Complete a Tax Rate Notification for contractors (IR330C) form to choose your tax rate. The minimum rate you can choose is