Inland Revenue’s changes make tax simpler for businesses
On 17 April, Inland Revenue made changes to streamline business taxes.
The following is a summary of what is now 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 http://cdn-au.mailsnd.com/50257/va-tsulCRK-su8H9RAifesKwCPCrPv_Gq9Lf0KnijSI/1922576.pdf
- 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 to ird.govt.nz/aim 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 at ird.govt.nz/payday
As always, we will be working closely with Inland Revenue to support you and answer any queries about the changes.
Visit http://www.ird.govt.nz/transformation/businesses/ for more information.