Automatic notices sent by the Inland Revenue
- 6 monthly with a turnover of greater than $500,000. The IR will move them to a 2 monthly filing period. These customers will also be given 30 days to dispute the change.
- 2 and 6 monthly with a turnover of greater than $24m. These customers will be moved to a 1 monthly filing period under S15C(4) of the GST Act.
Moreover, the IR has announced that these notices will now be issued periodically as they continue to monitor customers who exceed the filing frequency rules. They are expecting these changes will better assist customers to stay compliant with the current tax legislation in New Zealand.
Staying on top of your tax obligations
Needing some help with your taxes? We know it can be difficult to wrap your mind around the constant tax compliance and legislation changes in New Zealand. Let’s be honest, you’ve got enough to worry about. But, whether you need help managing your GST, RWT, FBT, or another kind of tax, we’d love to help! Our team of Business Advisors really know tax compliance for small business accounting and can make sure you’re not paying any unnecessary taxes. Get in touch with us today!
Together we can achieve more!