For most business owners, tax is not at the top of the list of what they want to focus on when the new year hits. But managing taxation is a business requirement you cannot ignore, especially now that the Inland Revenue Department (IRD) is making technological changes to modernise tax administration.
As a trusted tax accountant in Auckland, we are sharing these top tax tips that will help keep you informed, as well as helping you to meet your tax obligations in 2017.
1. Proposed PAYE system changes being considered
The IRD proposes to further integrate the PAYE (Pay As You Earn) system into day-to-day business operations. This is to improve the accuracy of employee deductions and reduce the compliance effort for employers.
It also proposes to adjust the threshold for electronic filing of PAYE from $100,000 a year of PAYE and ESCT, to $50,000 a year. There are also minor changes proposed to PAYE rules for holiday pay paid in advance and when threshold changes come into effect.
Further there is a proposal to end the payroll subsidy that subsidises employers outsourcing their PAYE obligations to a listed payroll intermediary.
These proposals are subject to the parliamentary process and are due to be considered by Parliament in 2017. We will keep you posted with any updates.
If you want to know more about these proposals...
Read the rest of the article here: http://bit.ly/2jt7BbS
