Taxing Matters October/November 2016: Summary of the Latest Tax Changes

A summary of the latest tax changes relating to individuals and businesses.

  • Tax picInland Revenue has begun texting customers with a 31 March balance date who have missed their first provisional tax instalment that was due on 28 August 2016. They are asking customers to take action such as either making the payment, getting in touch with IRD to discuss a payment plan, or if appropriate to re-estimate their provisional tax.
  • If you have made a financial donation to an approved donee organisation you may be eligible for a tax credit if the receipted donation is $5 or more. A tax credit claim form (IR526) must be filed for the relevant tax year, and you can choose for the tax credit to be refunded or transferred to another account such as a student loan.
  • IRD has published a user-friendly factsheet on understanding your personal tax summary (IR611).
  • IRD has published a guide (IR375) designed for all businesses and organisations that charge GST and need information about how to do this. For businesses and organisations registered for GST, it covers filling in GST forms, avoiding penalties, and how and when GST is refunded.
  • The IRD has also published a guide (IR546) designed for all businesses and organisations that charge GST and need information for more complex or less common GST issues such as adjustments, exempt supplies, zero-rated supplies, and special supplies. It is particularly relevant for those who export or import goods or are in the finance industry.
  • A new, optional, system for calculating mileage is being introduced for the 2018 tax year. The two-tiered system will consist of a higher rate for the first band of km and a lower rate thereafter. Taxpayers will need to keep a logbook for three months every three years and base their business running claim on this.

Please contact us if you have questions regarding any of these tax areas.

2016-11-01T14:34:25+00:00November 1st, 2016|Tax|

Facebook

Twitter