TAX CALENDAR

April 8 2019
Terminal tax for 2018
(March April, May and June balance dates)
For all clients except those who have lost their extension of time privilege
7 May 2019
3rd instalment of 2019
Provisional Tax
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Retentions in trust accounts

If you have a significant amount of money owing to you in the form of retentions by a contracting entity, it would pay to get written confirmation the money has been set aside in a trust account. 
You may have noticed a report in the newspaper about Ebert Construction Limited where there was a bookkeeping error and some of the retention money had not been set aside. 
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Ensure donations above board

If you donate large sums to charity, you should check to ensure the entity is still approved by Inland Revenue. To find out, see: https://www.ird.govt.nz/donee-organisations/donee-complete-list.html
You can pay donations through your company, but there must be a profit at the end of the year after deducting the donations. Losses resulting from donations paid are not tax deductible.
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BRIEFLY

Don’t become a dependent business
A dependent business is one which relies on one or a few other businesses to remain viable. Trade cycles are such that buoyant times are followed by high unemployment, business failure and a reduction in demand for goods and services. It is at these times dependent businesses can go to the wall. As a rough guide, make sure no more than 20% of your income is dependent on one source.
Savings accounts
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Plan for Capital Gains Tax

If Capital Gains Tax is introduced (and there is now some debate about this), all assets affected by the tax will have to be valued at the time the new tax starts. 
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Get in quick to get your invoices paid

Cash flow is often a problem for small businesses. They could do a lot to improve it. Here are some suggestions about collecting bills:
1. Send your invoices as soon as you can. Never wait until the end of the month.
2. If it’s a large bill, see if you can get progress payments (include this in your quote).
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‘AMAZON’ TAX PROPOSED

As you probably know, Inland Revenue does not attempt to collect GST on low-cost imports (costing $1000 or less), because it’s uneconomical to do so. 
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Payday filing starts 1 April

Are you ready to implement the new rules about when you are required to file your PAYE figures? 
If the combined PAYE and ESCT deductions exceed $50,000 per year, you have two working days in which to send the information, electronically, to the Inland Revenue Department, using an IRD approved software package which automatically derives the figures the department wants.
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