For the 2018 income year and onwards, the thresholds around Use of Money Interest being calculated on Provisional Tax instalments has increased to a standard $60,000 Residual Income Tax (RIT) for both Individual and Non-Individuals. Use of money interest will generally be calculated on instalment amounts that have not been met by the due date.
If at any stage you require assistance in meeting tax obligations, we can assist with making a tax arrangement with Inland Revenue or use ‘Tax Pooling’, whereby you can purchase tax payments and these can be back dated to offset against a prior instalment date to minimise or offset penalties/interest. If you are in any doubt surrounding these changes or any tax matter you may have, again we encourage you to contact the office to discuss any issue you may have.
Here you'll find all the news from the Oldershaw office plus our take on relevant accounting talking points.