News - early adopters of the accounting income method -aim- find provisional tax simpler

September 2018 IRD News

Sept
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.
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