Tax Tips for 2017
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For most business owners, tax is not at the top of the list of what they want to focus on when the new year hits. But managing taxation is a business requirement you cannot ignore, especially now that the Inland Revenue Department (IRD) is making technological changes to modernise tax administration. As a trusted tax accountant in Auckland, we are sharing these top tax tips that will help keep you informed, as well as helping you to meet your tax obligations in 2017. Read the rest whole article here http://bit.ly/2jt7BbS
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Tax Tips for 2017
- 1. TAX TIPS FOR 2017 Paul Martin Chartered Accountant WWW. PMARTINCA. COM
- 2. The IRD proposes to further integrate the PAYE (Pay As You Earn) system into day-to-day business operations. 1. PROPOSED PAYE SYSTEM CHANGES WWW. PMARTINCA. COM
- 3. IRD also proposes to adjust the threshold for electronic filing of PAYE from $100,000 a year of PAYE and ESCT, to $50,000 a year. There are also minor changes proposed to PAYE rules for holiday pay paid in advance and when threshold changes come into effect. ELECTRONIC FILING & HOLIDAY PAY WWW. PMARTINCA. COM
- 4. Further there is a proposal to end the payroll subsidy that subsidises employers outsourcing their PAYE obligations to a listed payroll intermediary. PAYROLL SUBSIDY WWW. PMARTINCA. COM
- 5. 2. GST REFUNDS All businesses and individuals registered for GST will get refunds within two (2) days starting February 2017 provided you have given them your bank account number in advance. You won't need to wait for your cheque to come in the mail as it will be direct credited to your nominated bank account. WWW. PMARTINCA. COM
- 6. Inland Revenue now has a wider discretion to modify a tax position to one that is more favourable for the taxpayer provided it is legal and well justified. To ensure the chances of success, it is highly recommended that you include all the relevant details in an easy-to-read document when you file your amendment request with the commissioner. 3. "REGRETTED CHOICE" NO LONGER APPLIES WWW. PMARTINCA. COM
- 7. 4. INLAND REVENUE RISK REVIEWS If you think you made an error as the review progresses, make sure to do a voluntary disclosure. This disclosure will protect you from shortfall penalties if you do discover a mistake you weren't previously conscious of. WWW. PMARTINCA. COM
- 8. End-of-year income tax, student loan or Working for Families Tax Credit payments for 2016 are all due on 7 February 2017. If you are working with a tax agent or an accountant, ask them if they have an extension beyond this deadline. Tax agents are usually able to extend the deadline to 7 April provided clients are up to date with all tax return filing requirements. 5. END OF YOUR TAXES DUE ON 7 FEBRUARY WWW. PMARTINCA. COM
- 9. 6. OFFSHORING RECORDS AND FILES If you are planning to automate or put your files and records offshore, you need the IRD's permission to do this as all your records need to be readily accessible and available for an audit or risk review. Cloud accounting providers such as Xero and MYOB already have permission from the IRD for all clients using their software. WWW. PMARTINCA. COM
- 10. TAXATION CAN BE A MAJOR COST TO YOUR BUSINESS. Paul Martin Chartered Accountant WWW. PMARTINCA. COM
- 11. PAUL MARTIN CA WILL WORK WITH YOU TO MINIMISE YOUR TAX AND HELP YOU ACHIEVE YOUR KEY GOALS. WWW. PMARTINCA. COM
- 12. Preparing personal and company tax returns Advice on tax payments GST/FBT/ACC obligations Advice on, and implementation of, tax effective trust structures for asset protection and tax minimisation Managing any IRD audits or disputes We provide a complete service of assistance and advice in each of these areas:
- 13. TAX TIPS FOR 2017 Talk to us today (09) 576 4166 or Request an online appointment @ www.pmartinca.com