We would love to work together to ensure you get the government support you need
Thank you to those that have attended our Planning for Success workshops, they have been great. We have had 95% of attendees wanting to move on to the 2nd zoom workshop with extra coaching around the cashflow areas of their business.
Now it’s your chance to join in and hear what has been so helpful to others:
Contact us to register or learn more. Contact Us
Important Covid 19 Changes Below
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 paying progress payments on next year’s income tax.
The amount you have to pay relates to your expected profit for the year. In practical terms, the amount of provisional tax you’re expected to pay is based on the tax you were liable for in the previous year, often referred to as residual income tax (RIT).
Even if you are not required to pay provisional tax, you may still elect to do so, to spread your tax obligations over the year. This can help you manage cash flow and take away the pressure of paying a lump sum at the end of the year.
For a new business, the first-year provisional tax payment can be tough. You must pay last year’s income tax at the same time as the first instalment of next year’s provisional tax. There are a couple of ways we can help you reduce the pain.
If you are self-employed or a partner in a partnership you may be entitled to a discount of 6.7% on your first year’s income tax. This is to encourage you to pay tax early and relieve the financial strain before you must pay provisional tax for the first time.
COVID-19 and provisional tax
In order to shrink compliance costs for smaller taxpayers and allow them to retain cash for longer, the government has introduced some tax relief measures that affect the normal rules for provisional tax:
Tax & Trust will not be sending reminders for next weeks Provisional Tax payment because every business has been impacted by covid-19 either directly and indirectly and we need individual conversations with you. Please phone the office on 09 818 1688 to make a time asap to discuss your provisional tax direct with the senior accountant who usually works on your accounting work.
Developing your Contactless Business Operation Policy
Restarting the economy, albeit in a risk managed way, comes with pressure to not stuff up and force another What should businesses do to prepare for reopening? Create a clear Contactless Business Operation Policy
Business sustainability in uncertain times
What could your business look like from here? Can you streamline your setup for smooth, secure online interaction?
Talk to us about building sustainability in your business.