Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.
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NZ Inland Revenue is improving services in myIR for managing your GST, with new services available in early 2017.
Survey of Auckland tradespeople shows an Inland Revenue campaign highlighting cash jobs has hit home, with four in five believing they’ll get caught if they cheat on their taxes.
The survey of nearly 420 tradies shows that the message that doing under-the-table jobs is a tax crime is getting through.
Provisional tax is a way of paying your income tax as you receive income through the year.
You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you’ve paid is then deducted from your tax bill at the end of the year.
The Inland Revenue have announced a focus on the cash economy particularly in the trade’s sector with, as part of a wider campaign, a particular focus on sub-contractors in Flatbush, Takanini, Silverdale and Albany. If you think you're fine because you haven’t been operating in those areas, be aware that it mightn't take much to be pulled into an IRD investigation as part of another's investigation.