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McLEAN AND CO.
GST- New Due Dates
Do you sell Online?
Merry Xmas and Happy New Year to all. May 2008 be very succcessful business wise to you. The office will be open through the Xmas- New Year period, but will close down January 5 2008 and not reopen until January 14 2008.
There are still a few outstanding clients pertaining to 2007 income tax return requirements. We would be happy to see you, if you are available and have your records ready , up to January 4 2008, in regard to these. We get extremely busy on audit commitments from the time the office reopens in the new year for a two month period and therefore would be able to provide a more prompt service up to January 4 2008 than subsequent. Please contact the office if you would like to make an appointment.
GST- IS YOUR BUSINESS WINDING DOWN
It is therefore suggested that you consult McLean and Co before doing so.
GST- NEW DUE DATES
As the new dates are not consistently the same date each month it is suggested that you refer to the GST taxable period and due date printed on the GST Return that IRD send you each time you receive a GST Return.
The following table indicates the due dates if you file your GST Returns every two months:
If your two monthly GST Taxable Period ends on the last day of
Under the new due dates, your GST Returns and Payments are due on:
DO YOU SELL ONLINE?
Lots of people sell things they no longer want or need on online auction sites. If the sales aren't part of a business this is usually fine and there are no tax implications.
However if you regularly sell things online you may in fact be in business and may have tax obligations you didn't know about. If you are in business, you should be declaring your sales for income tax purposes.
As a general guide, you are in business if you:
If any of the above situations apply to you, then you may be operating a business. IRD routinely monitor transactions on online auction sites, and one of the key things that IRD look at in audit processes is to determine if you are in business is how often or how regularly you trade.
Your tax obligations are exactly the same regardless of whether you sell things online or in a shop.
If you are in business, profits on sales are subject to income tax. If your turnover is over $40,000 per year you must also register for goods and services tax (GST). Like any other business you must keep sufficient records for seven years so that we can confirm your income and expenses.
FAMILY TRUSTS FOR EVERYBODY?
Trusts have been developed in British law over many centuries. Essentially, they are a protective measure whereby a person (called a settlor) 'gifts' assets to a trust, for the benefit of specific recipients. This means that these assets no longer belong to the settlor- they belong to the trust- - and must be used for purposes specified by the settlor at the outset.
Major motivational factors why persons decide to set up trusts are:
Negatives relating to trust formation could be:
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If we can assist further, please email McLean and Co as follows: