Paul Martin Chartered Accountant Ltd :: Accounting, Taxation and Business Advisory :: Auckland, New Zealand

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Timely tax reminders

Paul Martin • Dec 02, 2014

While we are all busy in the lead up to Christmas, don't forget these important tax dates in the New Year:

7 Jan

Terminal Tax

Taxpayers (where we prepare tax returns) on a December balance date

FBT

Close companies paying FBT on an income year basis (where we prepare tax returns) with a December balance date

15 Jan

Provisional tax

Standard provisional taxpayers on March, November and July balance dates

GST ratio method taxpayers on January, March, May, July, September, and November balance dates

6 monthly GST taxpayers on May and November balance dates

GST return and payment for period ended 30 November

Taxpayers filing GST on a monthly basis AND taxpayers (with March, May, July, September, November and January balance dates) filing on a 2 monthly basis

20 Jan

FBT

Third quarter return (for the three month period ended December)

28 Jan

Provisional tax

GST ratio method taxpayers on February, April, June, August, October, and December balance dates

6 monthly GST taxpayers on June and December balance dates

GST return and payment for period ended 31 December

Taxpayers filing GST on a monthly basis AND taxpayers (with February, April, June, August, October and December balance dates) filing on a two monthly basis

9 Feb
(7th falls on a weekend)

Terminal Tax

Taxpayers (where we prepare tax returns) with a January balance date

FBT

Close companies paying FBT on an income year basis (where we prepare tax returns) with a January balance date.

Terminal Student Loan Repayment

For those (where we prepare tax returns) with a January balance date

Note: these dates apply to those clients for whom we prepare tax returns. Different dates will apply for those clients for whom we don't prepare returns.

If you have any questions about these dates, please  contact us for assistance.

By Paul Martin 04 Dec, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.
By Paul Martin 18 Jul, 2023
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like making progress payments on next year's income tax.
By Paul Martin 18 Jul, 2023
Sole traders have had an especially difficult few years as inflation surges. We have got three tips to help lighten the load for your sole trader business. 
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