provisional tax tagged posts

New Bill to Revamp Provisional Tax System

August 9, 2016 New Zealand Taxation

Tax deductionsSmall business in New Zealand will soon have an easier time paying their Provisional Tax, if a new Bill is approved.

On Monday the Minister of Revenue Michael Woodhouse announced that new bill has been introduced to Parliament, detailing the earlier proposed updates to Provisional Tax payments.

The new bill details the new Accounting Income Method for calculation and payment of Provisional Tax by small and medium sized businesses.

Under the new system, small businesses using appropriate accounting software will be able to calculate their Provisional Tax obligations based on their realized incomes, instead of estimating their potential incomes for the year.

It is believed that the eased filing system will ease the administrative burdens for businesses, allowing owners to concentrate on o...

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Business Owners Support Tax Simplification

February 9, 2011 New Zealand Taxation

tax_2960New Zealand business owners would support a political party which promises to simplify and innovate tax-filing rules and systems, and nearly half of business owners wish to see a common economic zone between New Zealand and Australian.

On February 9th the accounting software firm MYOB Technology released the quarterly MYOB Business Monitor report, which canvases opinions of New Zealand businesses on taxation and the economy. The newly published edition of the report gauges local businesses’ views on potential election year political campaign promises.

Overwhelmingly, the report showed that business owners would support a political party which campaigned on the promise of reducing tax compliance costs for businesses, or introducing measures to ease filing burdens...

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Tax Revenues Fallen in NZ

May 7, 2010 New Zealand Taxation

BeehiveThe New Zealand Government has reported lower than projected tax revenues for the nine months ending March 31st. The fall has been blamed on weaker than expected business activity.

On May 7th the New Zealand Government issued a statement revealing a 2.4 percent fall in tax revenues, compared to earlier Half-Year Update in December. The Government has revealed that it now expects tax revenues to be below previous expectations for the entirety of 2010, and perhaps also 2011. According to the statement the lowered tax revenues are due to decreased corporate income collections, and decreased provisional tax payments from individuals and source deductions...

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Taxes Cut Today

April 1, 2009 New Zealand Taxation  No comments

The National promised tax cuts came into effect on the 1st of April, 2009.

As of the first of April, 2009, a number of changes are taking place in the New Zealand taxation system both in regards to business and personal taxation.

To the everyday individual, most noticeable amongst these will be the introduction of the Independent Earners Tax Credit, which will deliver a net $520 ($10 per week) to those earning between $24,000 and $44,000. This decrease at 13 cents per dollar above the $44,000 bracket. Also, the 33% marginal taxation bracket begins from $48,000. The above $70,000 earnings bracket tax is decreased from 39% to 38%.

Changes also come into effect for small and medium enterprises. Provisional tax estimation uplifts are now removed...

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