Writing out a cheque in a cheque book: IRD will stop accepting cheques 1 March 2020

Inland Revenue have continued evaluating their accepted payment options for tax payments. (See our blog posts from 26 October 2018 & 26 April 2019 for more on this).

Statistics show cheques are falling out of favour as a payment method. According to IRD they account for a mere 5% of all payments they receive. Of those, some who have made tax payments by cheque have also made payments by other means.

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It's strange to think of money ever lying dormant and unclaimed, however this is can happen more easily than one might think.

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Let's make your business brainwave come to life!

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Subsidies available for quad bike crush protection devices

Dog on top of quad bike: new subsidy available for quad bike crush protection devices

Quad bikes are ubiquitous on New Zealand farms, however their use as farming vehicles also contribute to around five work-related deaths and many more injuries each year, with the 1,000+ ACC claims costing the country $12 million dollars.

Unlike utes and tractors, quad bikes provide no safe space for the rider should it tip and roll on hilly or uneven terrain. Quad bike injuries are often the result of accidental rollovers where the rider is crushed or pinned underneath the bike.

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Recent new rules for hazardous substances and wastes

Labelled chemicals on shelf: recent new rules for hazardous substances and wastes

About 1 in 3 NZ businesses manufacture, use or handle hazardous substances. Recently new requirements came into force regarding the storage of those substances, as well as the handling, storing, and transporting of hazardous waste. The changes will affect around 150,000 businesses in New Zealand, such as factories, agricultural businesses, printers, collision repairers and food processing plants.

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Woman working from home office: home office expense claims - square metre rate issued for 2019 income year

In a previous blog post from 19 June 2018 we detailed the two options for calculating home office expense claims: the standard calculation method, and the new square metre rate method which became available from the 2018 income year onward.

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Changes to how Inland Revenue sends your mail

Inland Revenue have been busy implementing their Business Transformation Programme, a multi-stage project designed to modernise the tax system. By streamlining processes and upgrading online services, they aim to make it easier for New Zealanders to manage their tax obligations.

As part of the latest updates to myIR (Inland Revenue's secure online tax platform) they have made changes to how they manage mail to their customers.

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Penalty increases proposed for NAIT non-compliance

NAIT RFID tags in foreground, milking shed in background: penalties may increase for NAIT non-compliance

The National Animal Identification and Tracing (NAIT) scheme is a system which links people, property and livestock. It was developed to identify and trace livestock (cattle and deer) within New Zealand, in order to manage biosecurity incursions such as disease outbreaks, and improve food traceability and consumer confidence in our food products.

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Tile layer: changes to ACC CoverPlus levy invoicing for self-employed

If you are self-employed you'll automatically be on ACC CoverPlus.

Until recently, ACC estimated your CoverPlus levy based on your previous year's earnings and issued invoices on this basis.

Following an ACC levy consultation last year, it was decided that from the 2020 year your levies will be based on actual earnings for that year, as filed with Inland Revenue. This change makes the CoverPlus levy simpler, both for you and ACC.

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2019 herd scheme values have been released by Inland Revenue

Group of brown and white cows with green grass in foreground and blue sky and sun in background: 2019 Herd Scheme values

In May each year, Inland Revenue release their determination of national average market values (NAMVs) of livestock for the prior financial year.

The NAMVs are used by taxpayers who have elected to value livestock using the herd scheme to value their livestock on hand for that income year.

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Tax refunds paid in error - check with us before you spend them

Inland Revenue - Te Tari Taake logo

Be aware of "accidental" tax refunds which may have been issued over the Easter and ANZAC public holiday period.

There have been reported instances of people receiving unexpected refunds from Inland Revenue, with a high chance these were paid in error and needing to be paid back.

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Partial cheque and envelope: why it's time to switch from paying Inland Revenue with post-dated cheques

We posted a blog article on 26 October 2018, regarding Inland Revenue's announcement they would no longer be accepting post-dated cheques from 1 February this year.

Following feedback Inland Revenue received in response to this decision, they have now put this change on hold while they review all non-electronic payment methods, to ensure these are still relevant and necessary.

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Getting professional business advice to ensure maximum profits is a no-brainer. But finding the right adviser takes time and money. Something often lacking in the busy day-to-day of running a business.

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The Provincial Growth Fund - what is it, and how to apply

Money growth: what is the NZ Government's Provincial Growth Fund (PGF)

The Provincial Growth Fund (PGF) was set up by the Government to assist in growing business opportunities in the regions. The objectives of the PGF is to create jobs that lead to sustainable economic growth and diversification within our economy.

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