If you are in business for yourself, you must file an Income Tax Return every year.
You may also need to file other returns; for example, GST Returns, FBT Returns, or Employer Monthly Schedules, depending on your circumstances.
It would be in your interest to file these by the due date because it can get stressful if you fall behind.
I would like to give you some suggestions to make your business life easier.
Print out a list of your due dates by going to our website (www.ird.govt.nz) and using the ‘Tax due date calculator’ under ‘Work it out/Important dates.’
Make sure your bookkeeping system suits your business and is easy to use.
Consider using an accounting software package because it will do much of the work for you.
Keep records of all business transactions and do your bookkeeping regularly.
Save time and file your returns electronically; visit our website and click on ‘Get it done online.’
If you are not sure as to what is taxable or what you can claim, visit our website and check out the links under ‘Businesses & Employers.’
If you have difficulty in doing any of the above, you could perhaps get a Tax Agent (Accountant) to help you. Their fees are generally deductible.
If you cannot file your return on time, call us before the due date.
File your return even if you cannot pay the tax. We can probably arrange for you to pay the tax by instalments.
If you receive a statement showing Estimated Tax to Pay (a ‘Default Assessment’), file your return as soon as possible (your correct liability may be less!).
Abdul Rafik is Inland Revenue’s Community Relationships Advisor based in Auckland. He is happy to answer readers’ queries, which should be sent to
venkat@indiannewslink.co.nz
Free Workshops
If you are in business, you may like to attend one of our Free Tax Seminars or Workshops held throughout the country. To find one near you, please visit our website and enter the search term ‘Seminars.’
