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Important tax changes

Whether you’re a sole trader, contractor or employer, there are a number of important tax changes you need to know about. Check out how they apply to you.

Pay-as-you-earn provisional tax

From 1 April 2018, your business will have the option to pay provisional tax only when you make a profit. The Accounting Income Method (AIM) also allows you to get refunds throughout the year. Your accounting software calculates how much tax to pay for each filing period – monthly or every second month.

AIM provisional tax (external link) – Inland Revenue

From the start of April businesses can choose to report payroll information every payday instead of monthly. This is voluntary from 1 April 2018, and compulsory from 1 April 2019.

You need to start thinking about how and when you’ll opt in.

Payday filing (external link) – Inland Revenue

From 17 April 2018, you’ll see a range of changes when you log in to myIR, designed to make tax simpler for you.

The ‘My GST’ section will change to ‘My Business’, and you’ll be able to:

  • file, pay and amend your GST, and file your employer monthly schedules as normal
  • register for and delete your account types
  • include attachments when you send IR a message
  • file, pay and amend fringe benefit tax (FBT), gaming machine duty (GMD), and portfolio investment entity (PIE) returns.

What’s changing for businesses (external link) - Inland Revenue

You’ll need to register for myIR to file and pay fringe benefit tax, portfolio investment entity returns, and gaming machine duty online.

You’ll need to register for myIR to file and pay fringe benefit tax, portfolio investment entity returns, and gaming machine duty online.

Global tax evasion

Laws to combat global tax evasion have been in place since 1 July 2017. Financial institutions including banks now have to gather information about tax residency from new and existing account holders.

If you’re a foreign tax resident, you’ll be asked which country you’re a tax resident of, and you’ll have to provide your tax identification number (TIN) details.

What this means for you (external link) – Inland Revenue

Do you have more questions about these tax changes?

Do you have more questions about these tax changes?

Contact Inland Revenue on 0800 377 774.

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