Have your say on tax changes
21 Dec 2016
You will have heard ads on the radio from Inland Revenue raising awareness on their initiatives to change the administration of the tax system.
Inland Revenue have been working on this for a while, taking into consideration many submissions from different sources. Their website Changing for You (https://www.changingforyou.ird.govt.nz/) provides an overview of some of the things Inland Revenue are proposing to change, mainly focused on automating the gathering and filing of information. They invite New Zealanders to comment on the proposed changes and make it easy for people to say whether they agree or disagree with the changes. Bear in mind when viewing these proposals that automating processes will provide more efficiency, however these processes will need to ensure the correct amount of taxes are paid according to tax legislation. Having incorrect information submitted without being properly reviewed may result in additional tax and penalties.
There is a lot going on and the changes may or may not have a significant impact on your business. If you would like to find out how these changes could affect you please feel free to call us.