IRD into Stage Two of Business Transformation

IRD’s been working hard to be easier to do business with. As you read this, its new tax system is kicking in, giving you new and simpler ways to manage your GST obligations through myIR.
Enhancements include the traceability of GST transfers, and Notifications and Alerts sent when there is something for you to do in your myIR account.
From April, IRD will address more areas, including:

• Withholding Tax
• Gaming Machine Duty
• Fringe Benefits Tax
• Payroll subsidy
• Employment information (PAYE) collected in START.

But the biggest change will be to tax law.

AIM (Accounting Income Method), a new option for calculating provisional tax, allows payments to be based on your actual profit in that period – so if you don’t make a profit, you won’t pay provisional tax.