Handy Tax Updates for August

By . Posted in Tax Advice.

We’re all about keeping you in the loop – so here’s a summary of some Tax Updates released from the IRD this month. Follow the links (the words in pink) to find out more.

Do you have a standard March balance date?

If the answer to this is yes, then remember that your first instalment of provisional tax is due on the 28th of August – if you calculate the amount using the standard or estimation option. Click on this link to read a little more to see if this due date applies to you.

Purchased second-hand goods for your business?

Something you may not know is that even if you didn’t pay GST on the purchase, you can still claim a GST credit. Just make sure the details of the purchase are recorded, and the goods need to have been located in New Zealand at the time of purchase. There are a few more ins and outs to purchasing second hand goods for business purposes, so be sure to check out this link.

New to business?

The IRD has made life nice and easy for you by putting together some handy videos to help you understand some basics like business structures, income and provisional tax, registering for GST and more. We love when people make all things business easy to understand! Click here to have a browse of the videos.

Think the topics below apply to you?

If yes, then you can find out more information here.
· Upcoming child support scheme changes
· Moving to Australia – what about your KiwiSaver?
· Paid parental leave maximum entitlement rate increases
· Record-keeping for holiday homes

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