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Income Tax to Pay
Instalment Arrangements if you cant pay Income Tax
Cheque Option removed for Refunds
Parental Leave and Parental Tax Credits increased from 1/4/2015
More Details required for Company Annual Returns
The office will be closed over the following periods in the near future:
INCOME TAX TO PAY
Many clients have Income Tax to pay in the near future. You would have been advised by correspondence to yourselves indicating your tax liabilities if applicable to yourselves and been provided with Tax Assessments and Payment Slips. If applicable , you will have tax liabilities as follows:
To avoid penalties being added to your Income Tax amount due, it is important that you pay on or prior to these due dates.
It is also important that you be precise in your indicated detail to IRD when you pay your Tax due. For example, there have historically been issues with clients indicating that just because they are paying their Income Terminal Tax in this calendar year (2015) they indicate their year ending 31/3/2014 payment as relating to 31/3/2015. To do so means that IRD will send a Statement saying the 31/3/2014 Account is unpaid, IRD will add penalties due to this, and much extra work is required in sorting out the inaccuracy. Similarly clients indicating wrong years in Provisional Income Tax payments.
So if the payment relates to year ending 31/3/2014 Terminal Income Tax advise IRD this not otherwise, if the payment relates to year ending 31/3/2015 Provisional Income Tax advise IRD this not otherwise.
INSTALMENT ARRANGEMENTS IF YOU CANT PAY INCOME TAX
If you are unable to pay your Income Tax due in full on or before the due date and you have exhausted other options to find the money, paying by instalment might be the best solution.
Contact IRD if this is your situation before due dates. You may be able to arrange:
The repayment arrangement needs to be reasonable or IRD won't accept it. Obviously also it needs to be affordable for you the taxpayer.
Setting up an instalment arrangement before a tax debt due date may save some penalties being added, but IRD will charge interest for payment after the original due date.
CHEQUE OPTION REMOVED FOR REFUNDS
IRD have from 1/4/2015 Income Tax Returns removed the tick box to request a refund by cheque.
That is, taxpayers will get their refunds to Bank Accounts as standard. Only where taxpayers have no valid Bank Accounts will IRD continue to send cheques to taxpayers.
PARENTAL LEAVE AND PARENTAL TAX CREDITS INCREASED FROM 1/4/2015
Increases to paid parental leave and parental tax credits will soon come into play. Paid parental leave will increase from 14 to 16 weeks and parental tax credits will go from $150 for 8 weeks to $220 for 10 weeks.
If you're an employee or are self employed, the changes apply if:
MORE DETAILS REQUIRED FOR COMPANY ANNUAL RETURNS
New Zealand Companies will need to provide additional information to the Companies Office as a result of changes introduced by the Companies Amendment Act 2014.
The changes have been brought in to prevent the misuse of the Companies Register, and to give the Registrar of Companies extra powers. They are designed to improve the quality and integrity of the information held by the Registrar about New Zealand companies, and to assist the Registrar in holding those who misuse the Register to account.
The main changes are:
From 1 May 2015 all applications to incorporate a New Zealand company will have to:
From 1 July 2015 New Zealand companies incorporated prior to 1 May 2015 will now need to provide the following information when they file Company Annual Returns:
TotalAccounting file the Annual Returns for most of our company taxpayer clients. The above regulations mean that we will be seeking the information of the date and place of birth of every director of your companies when the Annual Returns are due to be filed. A Company Annual Return will not able to be filed if this information is not provided.
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If we can assist further, please email TotalAccounting as follows: