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Are you lying awake at night thinking about unpaid terminal or provisional tax, or worrying how you are going to pay your upcoming tax? It’s important that taxes are paid on time to avoid late payment penalties and use of money interest, which can escalate quickly.
Putting money aside through the year is the best way to manage your tax obligations; however, if you are already behind, it can appear to be an impossible task.
We work with Tax Management New Zealand (TMNZ), a company that can assist with paying off older debt, or to finance upcoming tax commitments. TMNZ interest rates (at around 5%) are significantly cheaper than the Inland Revenue’s (at 8.35% from 29 August 2019), and you won’t have any late payment penalties to pay.
TMNZ has flexible payment options, meaning you can pay off your debt over a number of months to assist with cashflow.
Give us a call at the office to discuss utilising TMNZ to get you back on the right path, before the Inland Revenue contacts you!
GST treatment of imported goods has been a hot topic over the past couple of years. A big change is due to take place on 1 December 2019 - just in time for Christmas. This change will see GST built into the price of low value imported goods; that is goods under $1,000, rather than being paid at the border. This includes goods that currently fall below the $400 threshold for GST and import duties.
While this affects low value items that would historically not attract GST, this does not necessarily mean that all imported goods will end up being more expensive. Goods below $1,000 will no longer attract tariffs and border processing fees meaning that some goods will end up being considerably cheaper. For instance, a $450 article of clothing currently would attract a $45 tariff, GST of $74.25 and a $52.67 border processing fee, adding up to $621.92 in total. Under the new system, the same $450 article of clothing will only attract $64.50 of GST, totaling $517.50.
This change will be implemented by requiring offshore companies supplying goods into New Zealand, to register for GST if the total value of goods supplied to New Zealand exceeds, or is likely to exceed $60,000 in a 12-month period. Online market places, such as Amazon and Ebay, will collect the GST on behalf of the sellers using the platforms. Unlike regular consumers, GST registered New Zealand businesses purchasing goods from an offshore supplier, will not be charged GST on their purchases, but will have it calculated.http://www.mondaq.com/NewZealand/x/821868/sales+taxes+VAT+GST/New+Zealand+Enacts