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 OCTOBER 2015
 

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. Office Closure

  2. Reminder- Outstanding Tax Return Filing 

  3. IRD Audits

  4. Making Payments to IRD

  5. Managing Financial Difficulty and Debt

 

OFFICE CLOSURE

The Office will be closed from Friday 27/11/2015-  reopen Monday 14/12/2015.  

 

REMINDER- OUTSTANDING TAX RETURN FILING

Some clients have not yet contacted ourselves to advise they have their information prepared and to make an appointment for their 2015 Income Tax Returns.  In lieu of the above office closure date, it is recommended that you do so quickly to get these actioned before Xmas.

 

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 willl 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.

 

MAKING PAYMENTS TO IRD

You can pay your Tax, Child Support or KiwiSaver contributions electronically or by post.

Electronic Payments

You can pay electronically by credit or debit card, internet banking, automatic payment or direct credit.

Postal Payments

Find out how to make payments to IRD by post both from here and overseas.

Checking your Payments Online

You can check that payments have been credited to your account online or through IRD's self-service line.

Overseas Payments

You can pay IRD while you're overseas using a credit or debit card, telegraph transfer, foreign bank draft, personal foreign cheque, foreign postal order or money order.

Child Support Payments

You can pay your Child Support payments by credit or debit card, automatic deductions from your benefit, online payments, automatic payments or by posting a cheque.

 

MANAGING 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 an Income Tax Return is due for filing and you have not yet done so, 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. You can do this online. 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 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, 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.

 

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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