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The biggest tax changes in a generation are coming and New Zealand’s leading accounting experts Tutbury & Associates can assist you in navigating these major changes.
Parliament is expected to pass legislation, allowing automated tax refunds to be sent to the bank accounts of 1.67 million people.
Inland Revenue is ramping up in a major public information and awareness and campaign to explain the changes, ahead of the April 2019 tax year. “This is a fundamental shift in the way New Zealanders interact with the revenue system,” says IRD commissioner Naomi Ferguson.
The point of all these changes is to make tax easier and more accurate for New Zealanders. “These changes will affect almost every household and business in New Zealand,” says Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
“These changes will include automated tax assessments which will see around 1.67 million New Zealanders get a tax refund paid straight into their bank account,” advises Kelly.
With these changes around 330,000 Working for Families customers would benefit with IR getting their wage and salary information immediately, allowing IR to adjust payments so customers are always getting the right amount.
For those with investments, the new system will see dividend and interest payments reported to IR more frequently by the banks and others who make the payments, so that taxpayers receiving them don’t have to.
In the April 2019 tax year the transformation process will see the ‘big ticket’ items - GST, provisional tax, income tax, Working for Families and investment, all on the new system. In the coming two to three, years will see child support, student loans and Kiwisaver bought in as well.
About Tutbury & Associates Limited.
Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga
Phone: 0274 587 724