Key Tax Dates
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Terminal Tax notices (Payable 7 April 2023) – We will print and release these notices in the last week of March 2023.
Provisional Tax notices (Payable 8 May 2023) – We will print and release these notices in the last week of April 2023.
Provisional Tax review – Prior to the 3rd instalment of Provisional Tax falling due, we are able to undertake a review of your last 12 months of trading to consider if your tax payment can, or should be adjusted either upwards or downwards so it is more in line with what we expect the actual tax to be, especially if there is significant changes to the 2023 trading year. Once the GST return is completed for the February/March 2023 period we can obtain the appropriate information from your GST records.
If you are scheduled for a Provisional Tax review, you will receive a reminder in early April. If you would like a review done and you do not receive a reminder, then please contact us with urgency and prior to the Easter break.
With the up-coming tax dates, it is a timely reminder to ensure that you pay your taxes on time and in full. Historically, any late payment or short payment would of attracted Use of Money Interest (UOMI) however for the 2023 financial year these rules has been relaxed. For the 2023 year, the requirement to pay provisional tax instalments in full and on time has been removed for tax payers using the safe harbour option and UOMI will only be charged if an amount remains unpaid after the end of year tax due date i.e. 7 April the following year. All other existing qualifications will remain and late payment penalties will still apply.
Also, a reminder for those tax payers that have been affected by the North Island floods and weather related damage are able to seek some relief from the Inland Revenue Department. This is not a default relief meaning the tax payer’s circumstances will be considered on a case-by-case basis. The relief may be remission of interest and/or penalties on late payments or in the situation of serious hardship, the Inland Revenue Department may consider writing off tax. If you are impacted, then we need to know as well as the Inland Revenue Department, so we ask that you let us know as soon as possible so we can get the ball rolling.
Kiwisaver - To be eligible for the full member tax credit of $521.43 you have to contribute at least $1,042.86 a year. The Government will contribute 50 cents for every dollar of member contribution annually. If you have not yet contributed the minimum amount, we suggest that you arrange a voluntary contribution prior to the beginning of June 2023 to ensure time for your credits to be transferred to your KiwiSaver fund by the due date of 30 June 2023. Payments can be made in two ways; either directly to your scheme provider or to the IRD by choosing the "Pay tax" option and including your IRD number, the tax type "KSS", and recording the period "0" (zero) or by any other means of paying taxes.