September 2018 IRD News

Changes made to modernise taxation of Employee Share Schemes (ESS) come into effect on 29 September 2018. These changes ensure that the tax treatment is in line with other forms of employment income. More than 1,100 small businesses with turnover under $5m have opted for more certainty around their provisional tax obligations by signing up to the new accounting income method (AIM). We have recently published a standard practice statement SPS 18/03: Effective date of GST registrations. The statement sets out the effective date the Commissioner will register a person for GST. For the 2018 and later tax years, companies that receive schedular payments will in some circumstances be able to transfer the tax deducted from these payments directly to the company's shareholder-employee(s). On 1 October a new Customs and Excise Act comes into force. Are you a payroll officer, payroll manager, CFO or tax manager in your business? Then attending one of our payday filing seminars is a must for you.
Read More

August 2018 IRD News

Get ready to shift to payday filing. From April 2019 all employers will need to file their employment information every payday. Choose your business structure - three quick questions and you're on your way The structure you choose can impact your ability to grow or sell the business, so it's important to get it right. We'll still accept late submissions for CRS & FATCA disclosures Although the due date for CRS & FATCA disclosures has passed, we'll still accept late submissions. Business running of a motor vehicle – kilometre rate. Foreign investment fund income – deemed rate of return. Income tax – what is the treatment of allowances paid and benefits provided to farm workers?. War pensions paid under the Dutch ABVP Scheme. Taxation of trusts – income tax
Read More

July 2018 IRD News

July Tax Update
Combatting global tax evasion, Best Start tax credit, Sharemilkers and contract milkers - deduction for farmhouse expenditure, Foreign investment fund deemed rate of return for 2017-18, Employer corner: Non-payment penalty on Employer monthly schedule/Employment information (IR348), Minimum wage has increased to $16.50 per hour, KiwiSaver for new employees
Read More

June 2018 IRD News

June IRD
Remember to file your tax return by 7 July – on time Get set for AIM R&D loss tax credit claims for 2017/18 tax year Granting myIR access to another person What to do if you’re amalgamating companies Are you making the most of your KiwiSaver? CRS, FATCA annual disclosures due 30 June Employer corner: Handling voluntary repayments on student loans Employees going overseas Employees taking a KiwiSaver contributions holiday Sign up for the latest news and tips from Employment New Zealand (part of MBIE) Make sure you are filing your fringe benefit tax returns correctly
Read More