AIM (Accounting Income Method) is a new option you can use from April 2018 to calculate your provisional tax. Provided through approved accounting software, it will calculate your provisional tax payments based on accounting information you enter and tell you how much you need to pay every one or two months, along with your GST.
There are also changes ahead for how you manage your PAYE – read more here!
Members might also be interested in a free webinar series the IRD are running – you can register, or view previous webinars these at //cchlearning.co.nz/events/cat-57-inland-revenue/.
Or you can register here for more regional seminars: //www.ird.govt.nz/campaigns/2018/new-online-services-businesses.html
PLUS The IRD are running customer validation testing as the new products are being tested to gain insight into whether the products are intuitive to ensure a good customer experience. Members are more than welcome to assist with testing if they have time if/when IRD are in the regions!
As usual, for more information go to www.ird.govt.nz
Inland Revenue changes coming for your business
Inland Revenue changes on 17 April will affect your business. Changes to PAYE reporting and a new method for managing provisional tax are designed to integrate tax processes with your day to day business.
You can sign up for a free webinar on these changes. Although the live webinar is now full, you can access it whenever is convenient and watch it in your own time. You just need to register at: https://www.cchlearning.co.nz/events/1400-april-changes-to-ir-which-businesses-need-to-know-about/
You’ll learn more about the new look and feel of IR’s new system, and find out about the Payday reporting legislation, where employers will be required to report payroll returns information every payday rather than monthly. This will be voluntary from April 2018, and mandatory from April 2019.
There’ll also be a summary of AIM, the Accounting Income Method, a new ‘pay-as-you-go’ option for managing provisional tax using approved accounting software. To find out more on this, you can view IR’s webinar on AIM from 12 February.