Changes to Provisional Tax part 2

Business, Topical Tax Issues

We’ve blogged on this before: now we have more detail, we’d like to share with you our analysis of how it will work in practice.

The AIM system comes into effect on April 1st 2018 and if you want to use it, you must register no later than the filing date of your first GST return of the new year. Once in, you must stay in for a full tax year. But it is important to stress at this stage that the new system is not compulsory – yet.

Continue reading “Changes to Provisional Tax part 2”

Be prepared, it’s nearly tax time!

Business, Topical Tax Issues

Be prepared, it’s nearly tax time!

It seems like only yesterday that we were last blogging about being ready for tax time, but actually it was a year ago, and here we are once again, staring down the barrel of the financial year end!

So make this the year that you really get yourself organised to minimise tax and save some money.  If you are one of our Warehouse Stationery customers, check out our special offer for you at the bottom of this blog.

Continue reading “Be prepared, it’s nearly tax time!”

Take AIM

Business, News, Topical Tax Issues, Xero

Take AIM (accounting income method)

It’s sometimes rare for the public and private sector views on business (and tax!) to align.

However, Beany, Xero and the NZ government acknowledge the importance of small business to the NZ economy and also the technology changes that small business is adopting.  Here’s an excerpt from the recent IRD discussion document:

The AIM measure announced by the Government proposes that, accounting information prepared by a taxpayer for a period, be used as a basis for calculating the tax liability of the business for that period. The resulting amount would be payable by the taxpayer as a provisional tax instalment.

AIM payments will be generated by the accounting software and authorised by the user, whether a business or its advisors. The user will confirm the amount to pay and then activate the payment for both GST and provisional tax. The calculation and payment of provisional tax will become part of running the business instead of an extra process.” Continue reading “Take AIM”