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Upcoming provisional tax instalment dates

15

January

March, July, November balance dates.

 

28

January

April, August, December balance dates.

 

28

February

January, May, September balance dates.

 

28

March

February, June, October balance dates.

 

Note: If any of the dates above fall on a weekend, then the new due date will be the next working day.

If you have any questions around your due dates please don’t hesitate to contact us directly on 0800 555 024 or email info@rightway.co.nz

AIM - A new method for calculating your provisional tax 

A new method for calculating your provisional tax came into effect 1 April 2018 and it could make paying your provisional tax a whole lot easier.

 

The Accounting Income Method, otherwise known as AIM calculates your provisional tax based on your profit for the year to date. Your payments are aligned with your GST return and are paid either monthly or two monthly. Think of it as PAYE for businesses.

 

AIM IS A SUITABLE OPTION FOR:

  • New businesses

  • Growing businesses

  • Businesses with unpredictable income

  • Seasonal businesses

  • Businesses who want to keep on top of their tax during the year

WHAT ARE THE BENEFITS?

  • Better for your cash flow – pay tax on your profits as you earn them
  • No Use of Money Interest as long as you pay what the system says you should
  • No Penalties as long as you take reasonable care
  • If your profits drop during the year and you’ve paid too much tax you can get a refund during the year instead of waiting until your tax return is filed

AM I ELIGIBLE?

You can use AIM to calculate your provisional tax if:
  • Your sales are under $5 million per year
  • You use AIM approved software, e.g. Xero
  • You are a company or a sole trader
  • You don’t have any foreign investment income
  • You don’t offset losses between your businesses

 

 

If you have any questions regarding AIM please don’t hesitate to contact us
directly on
 0800 555 024 or email info@rightway.co.nz

Tax
calendar

Tax Calendar 2018 - 2019.

Now available to download.

Income tax
flowchart

Download our helpful income tax

flowchart 

AIM information sheet

Download our helpful AIM information
sheet

How we can help you

  • Assist you with your Annual budget and/or cash flow forecast
  • Prepare a tax forecast with you
  • Send reminders ahead of any due dates
  • Help finance with tax pooling intermediaries
  • Assist you with tax planning
  • Help set up tax payment plans with Inland Revenue on your behalf

Questions?

Check out our Help Centre to see some extra information and frequently asked questions.

HELP CENTRE

Xero support

bus-income-tax.png

If you are running a business, you will need to fill out a tax return each year and send it to IRD by the due date.

Read more here.

Provisional tax

Provisional tax makes it easier to pay your income tax by spreading the payments over the year. If your end-of-year tax was more than $2,500 then you'll have to pay provisional tax the following year.

Provisional tax guide

prov-tax-guide.png

Provisional tax is a way of spreading your tax payments throughout the year. If you have income tax to pay of more than $2,500 from your last income tax year you'll most likely become a provisional tax payer.

Download the guide here.

Income and provisional tax

income-prov-tax.png

If you own a business or are self-employed, you’ll pay tax in one lump sum or several instalments. This way of paying income tax is called provisional tax.

Read more here.