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Provisional Tax - What is it & When do I need to pay it?

Ben DuflouMonday, September 29, 2014

Provisional Tax.

The first 2015 provisional tax payment date, if you are on a 2 monthly GST basis has now been and gone, with the next one being 15 January 2015.  If you file GST on a six monthly basis, then your first 2015 provisional tax payment is fast approaching.   

Around this time of year some questions may arise as to why? How much? And who needs to pay provisional tax?

Everything you need to know:

  1. Provisional Tax & terminal tax are actually income tax payments.  The different terms relate to when you actually make the payments.
  2. Unless your circumstances change dramatically during the year then your Provisional Tax calculations will be based on the amount of tax payable from last year’s income tax return, plus an uplift of 5%.
  3. If you are registered for GST on a 2 monthly basis, then your provisional tax payment dates are the 28th of August, the 15th of January, and the 7th of May. If you are registered for GST on a 6 monthly basis, then your provisional tax payment dates are the 28th of October and the 7th of May.

Provisional Tax should not be daunting. The optimist would say “paying tax is a good thing, as it means making money”.  

Budgeting for these payments throughout the year is important.  However if cash flow is tight, contact one of the All Accounted For team as we can tailor the best solution for your circumstances.

Written by Blake Chamberlain


Monday, September 08, 2014

Are you a member of Kiwisaver? If not, why not?

If you are, do you know what provider and which scheme you are in? If not, why not?

Kiwisaver is an initiative set up to save for your retirement. The idea is that you make regular contributions from your salary or wages and these accumulate over time to provide you with a fund to draw on once you have retired. It is free to join and there are many benefits to be had:

  • A $1,000 kick start contribution from the government
  • Your contributions are matched by the government up to $521.43 per year
  • An employer contribution of 3% tax free of your salary or wages
  • First home buyers grant of $5,000 may be available (if National wins the election, this will increase to $10,000 from 2015)

You can even join your children up to Kiwisaver and you do not have to make regular contributions to their account but they still qualify for the $1,000 kick start contribution from the government.

There are many Kiwisaver providers with different schemes you can choose to invest with. These range from conservative funds to more aggressive or growth funds. If you do not make a specific choice your funds will be invested in a default scheme, which may not be the most appropriate for your circumstances.

If you want to know more, give the team a call or email us

Written by Allison Henderson

Xero - The Power of Reconciling your Transactions

Monday, September 01, 2014

As we all know Xero has revolutionised the way in which the “the non-accountant” views financial information. Perhaps the most significant advantage Xero provides is up to date real time information at the clicks of a button.

So why not take full advantage of this? Increasingly we are seeing Xero files with numerous transactions that remain un-reconciled, which counters one of the most significant advantages Xero can provide for you and your business.

Having your Xero file consistently up to date not only lets you take advantage of the real time information that Xero can provide, it also aids All Accounted For in getting important reports to you as quickly as possible; such as assessing business performance, completing the GST returns and preparing financial information for the Bank.

So next time you see a few un-reconciled transactions, jump in, reconcile them, and give you and your business the best financial picture possible.   You can even do it from your smart phone or while surfing the net with your tablet.

Written by Blake Chamberlain

2014 Questionnaires

Tuesday, April 01, 2014

2014 Questionnaires will be available on our website this week.

Watch this space!

Upcoming Tax Payments

Tuesday, April 01, 2014

A friendly reminder that there are three payments due to the Inland Revenue all around the same time.

Terminal Tax – 7 April 2014

Provisional Tax – 7 May 2014

GST for March 2014 – 7 May 2014

If you are not going to be able to meet these payment dates it’s important that you contact us as soon as possible so we can work with the Inland Revenue to reach an agreeable payment arrangement to minimise your exposure to penalties and interest.

Office Essentials – A Good Barista

Tuesday, February 04, 2014

When working in an accounting office - big or small - it is critically important to always be on top of your game.  If early starts and late finishes have become a necessity, a decent hot cuppa could very well be the required stimulant required to get you through the day.  This is where the barista comes in.  The coffee manipulating cowboy who never fails to brew a good cup has essentially become an integral part of the office dynamic.

When you’re striving to reach a deadline it could very well be that delicious cup of mocha coloured liquid that acts as the catalyst propelling you forward.  It is the morning wake-up call that sets up your day and the afternoon snack which keeps you going.

Therefore, I urge you to consider the implementation of a good barista when your next staff meeting arises.  It could spike the increase in productivity that management so clearly strives for, making it a necessary office expense.   

Not enough cash to pay that tax bill now? An instalment arrangement might be the answer.

Monday, February 03, 2014

If you or your business is short of cash to pay that provisional tax, GST or student loan amount by the due date, then give us a call to discuss the option of setting up an instalment arrangement.  This will give you time to catch up, while not incurring significant penalties.

The Inland Revenue will allow instalment arrangements where there is a good history of making payments by the due date or all requirements of previous instalment arrangements have been met.

All instalment arrangement incur a 1% penalty (essentially a setup fee) charged on the unpaid amount and interest, at the current rate of 8.89% pa.  

It is also important to note that the arrangement needs to be set up no later than the day before the due date or a further 4% penalty will apply. 

The 4% penalty would not be charged if you make a full payment within 7 days of the due date.  Also, it would only be charged on the outstanding amount if a partial payment is made.

In addition, while you have outstanding arrears and no arrangement is in place, you incur further penalties at the rate of 2% of the outstanding amount per month.

In order to set up an arrangement, we would need information around how much you can pay now and then the amount and frequency of payments to clear any remaining arrears.  We can talk this through, if you are at all unsure.  The Inland Revenue does not approve arrangement that it considers are excessive long in duration.

So if you do not have the cash to make a tax payment for any reason by the due date or might be a little short for a brief period, then give us call so we can limit the penalties you will incur.

November GST & Xmas break

Ben DuflouMonday, November 25, 2013

As Christmas and New Year’s Eve draws nearer we endeavour to create a stress free holiday for our GST clients by endeavouring to ease into the New Year without a GST Return hanging over their head.

As our office will be closed between 20 December 2013 and 6 January 2014, we encourage all our GST clients to forward all their GST documentation for November 2013 GST period by 13 December 2013.  We can then crunch those numbers and get your returns filed before the New Year.

2013 Financial Accounts Information

Ben DuflouMonday, November 25, 2013

The year is just flying by!  There is only 18 weeks left for the financial year.

Now is a good time to get together the information for us to prepare your 2013 taxation returns if you haven’t given it to us already.

If you are unsure what we need or you require some assistance please give us a call as we would be more than happy to help.

Welcome To Our Blog!

Ben DuflouThursday, October 24, 2013
Here at All Accounted For we have launched our new website, and we're telling the world!  

We reckon we know a thing or two that might help you, so we've set up this blog to keep you informed and up-to-date with tips, tricks, and recent changes that might affect you. 

We love Business, and will be writing on everything from starting new businesses to simplifying your on-going tax and compliance needs. Also you'll see posts on how to structure your business, and other posts providing you with some of our favorite tools and links online. 

Being passionate about Property, we'll also have blog posts that will cover Body corps, LTC's and property investing. 

If you are an expert on a topic that will help businesses or property traders, please contact us about the opportunity to write guest posts.

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