 |
|
|
Quarterly Newsletter  Underpaid income tax? Underpaid provisional tax can cause a few headaches. Maybe you did not keep up with your provisional tax payments throughout the year. Perhaps you did not end up paying enough because you had a better-than-expected financial year. It could be that seasonality or volatility make it difficult to forecast your provisional tax payments. Whatever the case, owing the taxman additional income tax can put pressure on your business's cashflow. With Inland Revenue's interest clock continuously ticking at 8.27% (9.21% for tax debt incurred up to 8 May 2016) the cost can quickly add up. Tax pooling An option we have discussed before is tax pooling. It is a service designed to reduce interest costs and provide payment options for provisional taxpayers. New GST online filing
The first steps towards tax simplification lie in the new option for taxpayers to file GST returns online. Tax talk In April, the Government announced proposals to simplify business tax, with legislation to be passed in August this year. If the legislation is passed the earliest of the changes would take effect from April 2017, with more coming online in 2018. Here is a summary of the intended changes:
Mileage rate changes Inland Revenue announced in May that the Commissioner had reduced the mileage rate ...
Contact Us If you wish to discuss any of the matters raised in this month's issue of Dollars and Sense, please contact our office - a member of our friendly team will be happy to assist.
Kind Regards The team For more news and updates find us on Facebook:
|
In this Issue: |
|
Disclaimer The information contained in this newsletter is of a general nature and should be used as a guide only. |
|
