Quarterly Newsletter

*NEW* - Click to download a PDF version of this newsletter


Don't get caught out!

Potential taxpayer pitfalls

Taxpayers who earn income from various sources may get caught short if they don't plan ahead. This could come about in various ways:

  • Airbnb

  • Overseas investment

  • Shares in an overseas company

Learn more about this...



Creditors get more protection from indebted businesses

A threshold for reportable tax debt is now in effect, giving creditors greater protection from businesses owing tax debts of more than $150,000.

The IRD is now allowed to disclose to certain credit reporting agencies, information about companies with significant tax debt. An Order in Council set a threshold of $150,000, so a company's tax debt over that amount may be disclosed. This took effect on 29 June.

Disclosure may inform smaller creditors who would otherwise not know they were dealing with a business with a significant tax debt.




A tax bill passed in May made changes that affect cashflow.

Companies get more choice with RWT

From 2017/2018, companies can choose to not deduct resident withholding tax on a fully imputed dividend paid to a corporate shareholder. A fully imputed dividend has a tax credit passed on because the company's already paid tax.

Another option for some shareholder-employees

Shareholder-employees of close companies (with five or fewer participants) who receive regular salary or wages, and variable amounts of other employment income, now have a third option as to how they pay tax.

They can now split their income so the base salary is subject to PAYE and the variable amount is paid out before tax. Previously they had to choose either one or the other.

A shareholder-employee who decides to either apply provisional tax to all their earnings, or use the new split method, is committed to their choice for three years.

Learn more about this...


Contractors get more tax choice

The way contractors pay tax changed on 1 April, giving greater choice, and making it easier to get tax right.

The rules around schedular payments have changed to allow this, and are compulsory for all contractors hired by a recruiter - or other labour hire business - and those previously under schedular payment rules.

Other contractors can opt in if their payer agrees to deduct tax on their behalf.

Learn more about this...


Key tax dates - a quick overview

Date Category Description
20 Sept PAYE Small & large employers return & payment
20 Sept RWT Return & payment due for deductions from dividends and deductions of $500 or more from interest paid during August
20 Sept NRWT/ Approved Issuer Levy Return & payment for August
28 Sept GST Return & payment for August


Contact Us

If you wish to discuss any of the matters raised in this issue of Dollars and Sense, please contact our office - a member of our friendly team will be happy to assist.

 

Kind Regards

The team
Ean Brown Partners Limited


Handy links:

Blog posts:

Website homepage:


Subscribe to our blog:    |   Follow us on Facebook:    |   Join us on LinkedIn: 

In this issue:


Disclaimer

The information contained in this newsletter is of a general nature and should be used as a guide only.
A senior representative of Ean Brown Partners Ltd should be consulted for specific advice before any action is taken.


Related Pages:

Meet The Team

Ean Brown
Director
FIND OUT MORE
Barbara Collinson
Team Manager
FIND OUT MORE
Andrea Allen
Chartered Accountant
FIND OUT MORE
Flynn O'Meara
Accountant
FIND OUT MORE
Jared Slatter
Chartered Accountant
FIND OUT MORE
Jessie Alison
Chartered Accountant
FIND OUT MORE
Pam Brown
Accountant
FIND OUT MORE
Sally Adams
Chartered Accountant
FIND OUT MORE
Valeria Maw
Chartered Accountant
FIND OUT MORE
Vicki Cozens
Chartered Accountant
FIND OUT MORE
Bonny Rowson
Administration
FIND OUT MORE
Julie Jenkins
Administration
FIND OUT MORE
Sandra Crene
Receptionist
FIND OUT MORE
Renee Marais
Reception
FIND OUT MORE
Sheila Ujdur
Administration
FIND OUT MORE
Meet more of the team

Contact / Connect