The IRD has reminded businesses that they still need to file their company’s tax return if they have not already done so. For companies without a tax agent’s extension of time, the due date was 7 July so although the Covid-19 disruptions have been taken into account, this does still need to be actioned by businesses that traded at any time in the 2020 year. The easiest way to file your companies tax return is online in the myIR portal, however it is always advisable to engage the services of an accountant to assist you in the preparation of your company tax return. By doing so the company is also likely to receive an extension of time to file its tax returns for future years. If you have not traded for more than 12 months you must advise IRD by submitting a ‘Non-active company declaration’ – IR433, which can be done in myIR. However, you should obtain tax advice to ensure that the company does qualify as ‘non-active’ due to the other requirements that must be met before a non-active company declaration is made.
From 1st March 2021 there will be a new section in myIR where you can apply for and manage Paid Parental Leave. In your myIR portal you will be able to view and update your paid parental leave information, including your contact and back account details and change of circumstances. You’ll also be able to request a transfer of paid parental leave entitlements to a partner in myIR.
From 1st April 2021 all employers will need to use the new payday filing format that IRD refers to as Version 2. As most employers use payroll software or a Payroll Bureau/intermediary service, there will be no noticeable difference because this version has been in place since 1st April 2020. If, however, your organisation uses its own in-house system, Version 2 will need to be built into that system before April.
The IRD have released the “National standard costs for specified livestock determination 2021”. It applies to any specified livestock that the taxpayer has on hand at the end of the 2020/21 financial year where they have elected to value that livestock under the national standard cost scheme for that financial year. Visit the IRD website for full details.
From 1st March 2021, the myIR online portal will include a New Zealand foreign trust account. This will allow you, or your accountant, to perform tasks in the portal such as manage account details, file returns and make payments.
The 2019/2020 kilometre rates have now been finalised – visit the IRD website for full details.