TOTALACCOUNTING Chartered Accountants

Accounting                               Taxation                                   Business Advice and Development Assistance                                        

 P.O. Box 10 , Clive         133 Main Rd, Clive           Tel. (06) 8700952          Fax. (06) 8700955 

Email murray@totalaccounting.co.nz                                  Website www.totalaccounting.co.nz

 
EMAIL NEWSLETTER JANUARY 2016
 

Welcome again to the TotalAccounting Newsletter in which we discuss current taxation and business matters. We trust you find it informative.  

 

NEW CLIENTS

We are happy to accept new clients.  We would be happy to assist colleagues and acquaintances as new clients.

 

INDEX

  1. Reminder- Income Tax Returns Outstanding for Filing

  2. Managing IRD Financial Difficulty and Debt

  3. IRD Audits

  4. IRD Scam Alerts

 

REMINDER - INCOME TAX RETURNS OUTSTANDING FOR FILING

There are still a number of clients who have not contacted TotalAccounting for an appointment to provide and review  their year ending 31 March 2015  Financial Documentation to enable compilation of Financial Statements and filing of Income Tax Returns with IRD.  You are reminded that you are leaving it very late, as Returns are due to be filed with IRD in March 2016, assuming you still have extension of time, and depending on your activity during the year you may be liable for Income Tax to pay in April 2016.  The workload over those next 2 months for TotalAccounting is very busy, and it is suggested that you make contact sooner rather than later.

 

MANAGING IRD FINANCIAL DIFFICULTY AND DEBT

If you think youíll have difficulty meeting any of your tax obligations, contact IRD to discuss your situation. Penalties may apply if you donít pay on time.

Overdue Income Tax Returns

If  you are due to file an IncomeTax Return and you have not yet done so on the due date, IRD will estimate the amount of tax they think you owe. This is called a "Default Assessment". You may also be charged a late filing penalty. It is important that you file the overdue Return so that your correct tax position can be confirmed. You may even be entitled to a refund.

If you are having difficulties meeting your obligations

If you have an amount due or already overdue and need more time to pay, then you may be able to negotiate an instalment arrangement with IRD.  If you're unable to pay anything towards the amount due then contact IRD as soon as possible. You don't have to wait until the due date for payment has passed.

Student Loan Borrowers

Find out what your options are if youíre having difficulty making repayments.

Child Support Liable Parents

The best way to avoid IRD debt is to pay the full amount you owe, on time, every month. But if you get behind in your payments or think you are going to have trouble paying on time, it is suggested that you contact IRD.

Penalties and Interest

If you know that you will not be able to pay your tax on time or if you currently have an amount outstanding, there are a number of options available to you. Also learn about the penalties and interest that may apply for failing to meet tax obligations.

 

IRD AUDITS

IRD audit businesses to check if people are paying the correct amount of tax. The audit can cover Income Tax, GST and Employer Returns. After an audit you may be entitled to a refund or have tax to pay.

About Audits

The different types of audits IRD do, how IRD select you for an audit and what it will involve.

How IRD will work with you

Your rights (what you can expect from IRD) and what IRD require from you during an audit.

After an Audit

After the audit IRD will send you Notices of Assessment and Statements showing if there is a refund or if there is tax to pay, and when it is due. The assessment will be issued after an agreed adjustment or Notice of Proposed Adjustment (NOPA) has been worked out.

 

IRD SCAM ALERTS

The most common methods used by fraudsters to collect someone's personal information are email and phone scams. These include phoning and claiming to be from IRD, or sending an email that appears to come from IRD or a Tax Refund agency.

Are You a Victim of Identity Theft?

If you have fallen for a scam, given away personal information or suspect your identity has been stolen relating to IRD, please see IRD's "Victim Support" page.

Find out more about how to protect your identity

Learn about about Phishing and other Scams

Reporting Scams

IRD investigate and take action on reports of phishing and new attempts will be posted to the IRD website.

If you receive a suspicious email, SMS scam message or a fraudulent call email phishing@ird.govt.nz and include:

  • the email received, or
  • the number that the text message or phone number (CallerID) originated from
  • any names and call-back numbers given by the text sender or phone caller
  • details about the scam including:
    • the amount of tax refund quoted
    • the reference number
    • the information requested, and
    • any other relevant information.

Scams targeting Taxpayers

More and more phishing scams are appearing with the IRD logo on them. These are to fool people into believing they are genuine and that you are eligible for a tax refund.

Note

IRD will never advise you that you are due a tax refund through email.

 

TOTALACCOUNTING KNOWLEDGE CENTRE AND ARTICLES ABOUT TAXATION AND BUSINESS IN GENERAL PRESS HERE FOR BUSINESS STARTUP KNOWLEDGE CENTRE PRESS HERE
FOR INFORMATION ABOUT COMPANY INCORPORATION PRESS HERE FOR PREVIOUS MONTH EMAIL NEWSLETTERS PRESS HERE

FOR PROPERTY INVESTMENT AND TAX INFORMATION PRESS HERE

FOR FRANCHISE INVESTMENT AND TAX INFORMATION PRESS HERE


The information provided in this email newsletter is for informational purposes only.   TotalAccounting accepts no responsibility for the opinions and information expressed in the information provided and it is provided "as is" without warranty of any kind.    The user assumes the entire risk as to the accuracy and use of this document.   Readers are asked to seek professional advice pertaining to their own circumstances.    The TotalAccounting email newsletter may be copied and distributed subject to the following conditions:
  • All text must be copied without modification and all pages must be included.
  • This document must not be distributed for profit.    

 

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