What a year! As the calendar year comes to an end we hope you are able to enjoy a nice break over the Christmas and holiday period – time to relax and recoup from your year and perhaps make plans for the future.
At Flashpoint Accounting we are busy planning ahead to the end of the financial year to ensure all deadlines are met. This year at Flashpoint Accounting we have welcomed Veronica Griffin, Accounts Administrator to our office, to help service our increased demand. I am grateful to my team who help support me to meet your business needs and queries.
There have been a number of tax changes during the 2019 year. Key changes that may've affected you are noted below. If you haven't understood the changes or need to discuss further about how these affect your business, please do give me a call.
PAYDAY FILING REPLACES MONTHLY SCHEDULES: Employers and PAYE intermediaries are no longer required to file an employer monthly schedule but instead will file employment income information on a payday basis. Filing can be weekly, fortnightly or monthly, depending on how often you pay your wages.
RING-FENCING RESIDENTIAL PROPERTY DEDUCTIONS: investors will no longer be able to deduct expenditure relating to their loss-making residential investment properties from their other income to reduce their tax liability.
GST ON IMPORTED GOODS: GST will be applied to imported goods valued at or below $1,000 supplied to NZ-resident consumers by requiring offshore suppliers to register and return GST on these supplies.
As always you should note your tax obligations now before you go 'on holiday mode' … The immediate ones you should note are:
GST filing and processing (for the October/November period). Due at the IRD by 15 Jan. If we assist with your GST processing, please ensure all information and queries are provided to us by 17 Dec.
PROVISIONAL TAX: Paying provisional tax helps you manage your income tax in payment instalments. Provisional Tax notices will be emailed this week. If your expected notice is not received, please contact us immediately. If you feel your taxable income has changed substantially recently, please contact us to discuss if your provisional tax needs to be adjusted.
Please don't forget to let us know if you have changed contact details recently, so we can keep our database up-to-date.
Please do have a look at our December 'Accelerate' newsletter, via the articles links on the right...
Our office will be closed from 20 December - 13 January. Luke will be checking his emails periodically over this period.
Seasons Greetings to you and your families.
Luke Canton, Helen Canton, Veronica Griffin & Philippa Muller
Flashpoint Accounting Ltd
17 December - Final date for GST information to Flashpoint Accounting for the Oct/Nov period.
15 January - GST due (Oct/Nov period).
15 January - Provisional Tax due (2nd instalment).
If you are unsure if you have a tax payment to make please get in touch.
For a full list of tax related important dates please see the resources page on our website More....
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