TAX TIPSFOR 2017

Paul Martin Chartered Accountant

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The IRD proposes to further integrate

the PAYE (Pay As You Earn) system into

day-to-day business operations.

1. PROPOSED PAYESYSTEM CHANGES

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IRD 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.

ELECTRONICFIL ING & HOLIDAYPAY

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Further there is a proposal to end the

payroll subsidy that subsidises

employers outsourcing their PAYE

obligations to a listed payroll

intermediary.

PAYROLL SUBSIDY

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2. GST REFUNDS

All businesses and individuals

registered for GST will get refunds

within two (2) days starting

February 2017 provided you have

given them your bank account

number in advance. You won't need

to wait for your cheque to come in

the mail as it will be direct credited

to your nominated bank account.

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Inland Revenue now has a wider

discretion to modify a tax position to one

that is more favourable for the taxpayer

provided it is legal and well justified. To

ensure the chances of success, it is highly

recommended that you include all the

relevant details in an easy-to-read

document when you file your amendment

request with the commissioner.

3. "REGRETTEDCHOICE" NO LONGERAPPLIES

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4. INLANDREVENUE RISKREVIEWS

If you think you made an error as

the review progresses, make sure to

do a voluntary disclosure. This

disclosure will protect you from

shortfall penalties if you do discover

a mistake you weren't previously

conscious of.

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End-of-year income tax, student loan or

Working for Families Tax Credit payments

for 2016 are all due on 7 February 2017. If

you are working with a tax agent or an

accountant, ask them if they have an

extension beyond this deadline. Tax

agents are usually able to extend the

deadline to 7 April provided clients are up

to date with all tax return filing

requirements.

5. END OF YOURTAXES DUE ON 7FEBRUARY

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6. OFFSHORINGRECORDS ANDFILES

If you are planning to automate or

put your files and records offshore,

you need the IRD's permission to do

this as all your records need to be

readily accessible and available for

an audit or risk review. Cloud

accounting providers such as Xero

and MYOB already have permission

from the IRD for all clients using

their software.

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TAXATION CAN BE AMAJOR COST TO YOURBUSINESS. Paul Martin Chartered Accountant

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PAUL MARTIN CA WILL WORKWITH YOU TO MINIMISE YOURTAX AND HELP YOU ACHIEVE

YOUR KEY GOALS.

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Preparing personal and company tax returns

Advice on tax payments

GST/FBT/ACC obligations

Advice on, and implementation of, tax effective

trust structures for asset protection and tax

minimisation

Managing any IRD audits or disputes

We provide a complete service ofassistance and advice in each of theseareas:

TAX TIPS FOR 2017

Talk to us today (09) 576 4166 orRequest an online appointment

@ www.pmartinca.com