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”