pwc.co.nz Tax Tips September 2018 In this issue: Inland Revenue s business transformation what does it mean for you?
|
|
- Dustin Horton
- 5 years ago
- Views:
Transcription
1 pwc.co.nz Tax Tips September 2018 In this issue: Inland Revenue s business transformation what does it mean for you? Inland Revenue releases draft guidance on the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018
2 Inland Revenue s business transformation what does it mean for you? Inland Revenue s business transformation is broader than a technology upgrade. Rather, it involves a complete rethink as to how New Zealand s tax administration system can be modernised and simplified for businesses, individuals, and social policy recipients. The Government has consulted on a wide range of tax administration changes since 2015, and in February 2017 we saw the first tranche of changes being released, including moving GST into MyIR Secure Online Services so returns and payments can be made at the same time. The second tranche of changes in April this year focused on business income taxes and included the introduction of the accounting income method (AIM) for paying provisional tax. In addition to the system changes, the Government has also made a number of more substantive legislative changes. The key focus of these changes is to modernise and simplify tax administration for taxpayers including enabling real-time provision of income information. In our view, some of these changes will have a significant impact on businesses. It is therefore important to start preparing for these. We discuss these changes in more detail below. Payday reporting From 1 April 2019, all employers will have to move away from the current practice of filing the Employer monthly schedule (IR348) once a month and adopt payday reporting, which effectively requires employers to provide income information of employees on a real-time basis. It is critical that all employers consider the changes that are required and start executing them now to ensure they are able to comply with the new rules, which are compulsory from 1 April next year. Summary Currently, employers file an Employer monthly schedule (IR348) with Inland Revenue monthly. Depending on the size of employer, they will also file an Employer deductions (IR345) form once or twice a month, which accompanies their payment. The new rules move away from monthly reporting to payday reporting. The intention is that the provision of information will simply become part of an employer s general payday process rather than an additional task that is required to be undertaken separately at a later date from processing the payroll. However, payment dates remain unchanged. This means that employers will continue to pay their PAYE as they currently do. Further, in the short-term, employers will be required to file employer deduction forms until Inland Revenue s system developments have been fully completed. There are also changes to the information that employers will have to provide to Inland Revenue about new and departing employees. 2
3 Detail The new rules divide employers into three groups with different requirements applying for each. Therefore, it is important for employers to determine which group they belong to. The online group The online group is the default group. Most employers will fall into this group. Payroll intermediaries are also included in the online group. This group of employers must electronically report employment information within two working days after each payday (except for special payments). The Commissioner can exempt some employers in this group from the requirement to deliver their employment income information electronically. The non-electronic group An employer will be included in the nonelectronic group if: they withheld less than $50,000 of PAYE and employer s superannuation contribution tax (ESCT) in the previous tax year (or have an exemption from the online group); and they submit their employment income information on paper. The new employer group New employers have a six month transitional period in which they can apply the non-electronic group rules. The non-electronic group (including the new employer subset) have the option to either: report employment information within ten working days after payday (except for special payments); or treat the 15th and the last day of the month as their paydays, then report within ten working days of those dates. This group must file their information on paper, and if they choose to file online, they will move into the online group (and have to report within two working days of payday). To reiterate, anyone who files online will be in the online group, regardless of whether they are below the $50,000 threshold. What is a payday? A payday is the day on which an employer makes a PAYE income payment to an employee. This is the day the employer instructs the bank to make the funds available to employees. For an employer in the online group, this would mean that they have to report employment information within two working days of each time they make a PAYE income payment to an employee. However, the rules do provide some concessions to reduce the compliance costs for reporting special types of pay (special payments). Special payments are: out-of-cycle pays schedular payments payments to employees on shadow payrolls, and employee share benefits. Out-of-cycle pays Out-of-cycle pays may occur, for example, where timesheets have been received late or an employee s employment is terminated. For an employer in the online group, the options are to report: within two working days of the out-ofcycle payment; or with the next regular payment of salary and wages. However, the option to report with the next regular payment of salary and wages is only available where the out-of-cycle payment will be reported within the PAYE payment period. Schedular payments Schedular payments include payments made to certain classes of contractors, company directors, and commission sales people. Many organisations often pay these individuals outside of the payroll system, and may pay them irregularly throughout the month. For an employer in the online group, the options are to report: within two working days of the schedular payment; or twice monthly this allows the employer to report payments made between the 1st and the 15th of the month as if they had been made on the 15th of the month. For the second half of the month, the payments can be reported as if they were made on the last day of the month. Shadow payrolls and employee share benefits For both shadow payrolls and employee share benefits, employers are allowed a 20 day deferral period which means that their reporting happens 20 actual days after the taxing point (on the deferral date). An employer in the online group then has the option of reporting: within two working days of deferral date (e.g. up to 22 days after the taxing point); or twice-monthly using the deferral date (in the same way as for schedular payments). The rules for each of these special payments can be complex. We urge employers to consider how they will use and implement the concessions. 3
4 Employee information Employers will be required to provide Inland Revenue with prescribed information on new and departing employees. This is to ensure that new employees are set up correctly from the beginning, and also to prevent Inland Revenue from contacting employers about former employees. Employers will be encouraged to provide new employee information as early as possible, but are not required to provide it until the first time payday information is filed for each new employee. Similarly, information on departing employees is required at the time of the last payment to the employee, but it can be supplied in advance. Those employers in the online group will provide this information electronically, but paper forms will still be available for the non-electronic group to communicate this information. Penalties The penalty regime will remain largely the same, and the late filing and nonelectronic filing penalties will remain monthly. As such, an employer will not be penalised for filing late or nonelectronically more than once in a month. For example, an employer with weekly paydays who files late twice in any given month will pay the same late filing penalty as an employer who has a monthly payday and files late. Where to from here The onus is on employers to ensure that they will be ready for these changes. You should be considering the changes and the impact they will have on your business. Below are some questions that will help you assess your readiness for the payday reporting changes: Have you reviewed your current PAYE reporting processes and considered how these will need to change? Is there someone responsible for managing the change? Have you been in contact with your payroll provider on this? If you have purpose built software, have you started working on the required updates? Do you know when the updated payroll software will be ready? Have you considered early adopting? How does this fit in with year-end, etc? Are you willing to leave this until it becomes mandatory? Do you make any special payments, and have you considered how you will report these? Have you reviewed the employee onboarding process and considered what the changes will mean for this? Further, at a minimum, by now you should have: identified a driver responsible for managing the change; and been in contact with your payroll vendor. As noted above, there are penalties for non-compliance with the new rules. However, non-compliance could also result in additional Inland Revenue scrutiny over your payroll. We can help We have been assisting a number of our clients to ensure they are ready for payday reporting including an assessment of their readiness, development of new processes and procedures and assisting with technology build. Please get in touch with our payroll specialists, Phil Fisher and Josie Goddard or your usual advisers if you have any questions. Phil Fisher T: E: phil.j.fisher@pwc.com Josie Goddard T: E: josie.r.goddard@pwc.com 4
5 Other changes In addition to employment income information, real time reporting is also required from 1 April 2020 for investment income. The changes relate to improving the frequency and level of information in relation to distributions, including electronic filing and improving the administration of RWT exempt status. These changes will impact payers of interest, dividends, royalties, PIE income, and taxable Māori distributions. In summary, the key changes are: Payers of interest (including interest on domestically issued debt subject to the approved issuer levy), dividends, and taxable Māori authority distributions to provide investment income information to Inland Revenue by the 20th of the month following the month in which the income was paid. A multi-rate PIE that is not a superannuation fund or retirement savings scheme will be required to report investment income information to Inland Revenue yearly by 15 May after the end of the tax year. A transitional measure: payers of income subject to RWT and NRWT (apart from royalties) are to report the required year-end information by 15 May, rather than 31 May, for the tax years ending 31 March 2019 and 31 March An investment income payer paying more than $5,000 of interest will only need to withhold RWT and report monthly on payments of interest where the payments relating to a taxable activity exceed $5,000, notwithstanding if total interest payments made by the payer (i.e. including payments not made in the course of a taxable activity) exceed $5,000. Proposed changes to tax administration for individuals The Taxation (Annual Rates for , Modernising Tax Administration, and Remedial Matters) Bill proposes changes to simplify the way individuals engage with the tax system. The provision of income information on a timely basis underpins the proposals that are contained in the Bill. At a high level, the proposed changes, if enacted, should achieve the following: help to ensure individuals are taxed most appropriately through the tax year by ensuring the correct amount of tax is withheld on income received. make year-end obligations as simple as possible including pre-populating accounts and assessing all individuals, with varying levels of engagement required from the individual. We discussed the proposed changes in our Tax Tips released last month. Our comment All of these changes result in Inland Revenue having more timely information that enables them to better interact with taxpayers. However, in our experience, many organisations are not aware of the impending changes and therefore minimal actions have been undertaken to date to ensure they are ready to implement the required changes come 1 April next year (which is only 7 months away). We strongly urge all taxpayers to consider the impact Inland Revenue s business transformation will have on their business and plan adequately as implementing any changes at short notice can be extremely disruptive. 5
6 Inland Revenue releases draft guidance on the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 Inland Revenue has released draft guidance on the recently enacted Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018, which introduced significant changes to New Zealand s tax regime for cross-border relationships and transactions. The materials are divided into draft reports on (i) hybrid and branch mismatches, (ii) transfer pricing, (iii), permanent establishments, (iv) interest limitation rules, and (v) administrative guidance. In the August edition of Tax Tips, we shared the six things you need to know about the new rules, including unexpected outcomes we have observed. The majority of the new rules apply for income years beginning on or after 1 July and other submitters emphasised the need for comprehensive guidance throughout the submission process given the complexity of the new rules and its effects on various existing tax regimes. We are pleased to see the release of over 150 pages of guidance. We are reviewing these insights and examples in the light of the scenarios that we have been discussing with Inland Revenue and, in particular, where queries were raised to clarify when situations are intended to be captured. Inland Revenue has invited feedback on the draft guidance. Taxpayers now have the opportunity to assess whether sufficient clarification has been provided or whether further explanation is still required. The closing date for feedback is 28 September The final version of the guidance will be issued early next year. It is encouraging that some concerns related to applying the rules have now been addressed. However, the rules themselves remain complex even with guidance. We encourage you to seek advice from your usual adviser to confirm how your business may be affected. 6
7 Contributors Phil Fisher T: E: phil.j.fisher@pwc.com Peter Boyce T: E: peter.boyce@pwc.com Helen Johnson Director T: E: helen.n.johnson@pwc.com Sandy Lau Director T: E: sandy.m.lau@pwc.com Briar Williams T: E: briar.s.williams@pwc.com Erin Venter T: E: erin.l.venter@pwc.com Briar Paterson Director T: E: briar.k.paterson@pwc.com Josie Goddard Senior Manager T: E: josie.r.goddard@pwc.com Laura Lee Senior Associate T: E: laura.e.lee@pwc.com Connect with us Follow us on Visit us online at pwc.co.nz us tax@nz.pwc.com 2018 Legal. All rights reserved. refers to the Legal member firm, and may sometimes refer to the network. Each member firm is a separate legal entity. Please see for further details.
pwc.co.nz Tax Tips May 2017 In this issue: New tax bill introduced Further guidance on key tax changes enacted in recent Act
pwc.co.nz Tax Tips May 2017 In this issue: New tax bill introduced Further guidance on key tax changes enacted in recent Act Prosperity or peril: Australian Federal Budget 2017-2018 New tax bill introduced
More informationTax Tips. April In this issue: pwc.co.nz. New tax legislation enacted. The Tax Working Group is seeking comments on the future of the tax system
pwc.co.nz Tax Tips April 2018 In this issue: New tax legislation enacted The Tax Working Group is seeking comments on the future of the tax system Ring-fencing rental losses: Officials issues paper New
More informationPAYE Error Correction Regulations and Legislative Amendments
In Confidence Office of the Minister of Revenue Chair, Cabinet Economic Development Committee PAYE Error Correction Regulations and Legislative Amendments Proposal 1 This paper seeks the Cabinet Economic
More informationPAYE reporting changes and changes to the payroll subsidy scheme
May 2018 A special report from Policy and Strategy, Inland Revenue PAYE reporting changes and changes to the payroll subsidy scheme The Taxation (Annual Rates for 2017 18, Employment and Investment Income,
More informationPAYE error correction and adjustment anonymised summary of feedback
PAYE error correction and adjustment anonymised summary of feedback Introduction A Government discussion document Making Tax Simpler Better administration of PAYE and GST was released in late 2015. It
More informationKPMG submission Investment Income Information
KPMG 10 Customhouse Quay P.O. Box 996 Wellington New Zealand Telephone +64 (4) 816 4500 Fax +64 (4) 816 4600 Internet www.kpmg.com/nz Investment Income Information C/- Deputy Commissioner, Policy and Strategy
More informationTaxation (Consequential Rate Alignment and Remedial Matters) Bill 2009
Taxation (Consequential Rate Alignment and Remedial Matters) Bill 2009 Officials Report to the Finance and Expenditure Committee on Submissions on the Bill September 2009 Prepared by the Policy Advice
More informationIssue No 155 March 2013 IR 787
AGENTS ANSWERS Inland Revenue s tax agents update Are you ready for the 1 April changes? Issue No 155 March 2013 IR 787 Government announced several tax-related changes as part of Budget 2011 and Budget
More informationTaxation (Annual Rates for , Employment and Investment Income, and Remedial Matters) Bill
Taxation (Annual Rates for 2017 18, Employment and Investment Income, and Remedial Matters) Bill Officials Report to the Finance and Expenditure Committee on s on the Bill November 2017 Prepared by Policy
More informationTaxation (Annual Rates for , Modernising Tax Administration, and Remedial Matters) Bill
Taxation (Annual Rates for 2018 19, Modernising Tax Administration, and Remedial Matters) Bill Commentary on the Bill Hon Stuart Nash Minister of Revenue First published in June 2018 by Policy and Strategy
More informationNon-resident income tax return guide 2011
IR 3NRG February 2011 Non-resident income tax return guide 2011 Please read page 5 of this guide to see if you have to complete an IR 3NR. This guide is based on New Zealand tax laws at the time of printing
More informationA deduction for the cost of providing employee share schemes by reference to an employee s taxable income is practically unworkable.
5 July 2017 Committee Secretariat Financial and Expenditure Select Committee Parliament Buildings Wellington 6160 select.committees@parliament.govt.nz Dear Chairperson and Committee members, Submission
More informationInternational Tax New Zealand Highlights 2019
International Tax Updated January 2019 Recent developments For the latest tax developments relating to New Zealand, see Deloitte tax@hand. Investment basics: Currency New Zealand Dollar (NZD) Foreign exchange
More informationImpact Summary: Making Tax Simpler Improvements to the administration of tax for individuals.
Impact Summary: Making Tax Simpler Improvements to the administration of tax for individuals. Section 1: General information Purpose Inland Revenue and Treasury are solely responsible for the analysis
More informationTax Tips. Is your business on top of the latest tax insights? May In this issue: pwc.co.nz. New tax bill introduced
pwc.co.nz Tax Tips Is your business on top of the latest tax insights? May 2016 In this issue: New tax bill introduced Australian Federal Budget 2016-17 New tax bill introduced 1 On 3 May 2016, the Government
More informationImpact Summary: Modernising the correction of errors in PAYE information
Impact Summary: Modernising the correction of errors in PAYE information Section 1: General information Purpose Inland Revenue is solely responsible for the analysis and advice set out in this Impact Summary,
More informationEstate or trust return guide 2014
IR 6G March 2014 Estate or trust return guide 2014 Read this guide to help you fill in your IR 6 return. If you need more help, read our booklet Trusts and estates income tax rules (IR 288). Complete and
More informationCONTENTS. Vol 30 No 5 June In summary
Vol 30 No 5 June 2018 CONTENTS 1 In summary 3 New legislation Taxation (Annual Rates for 2017-18, Employment and Investment Income, and Remedial Matters) Act 2018 126 Binding rulings BR Prd 18/02: Harbour
More informationPayroll Calculations & Business Rules Specification 1 April 2019 to 31 March 2020
Inland Revenue Payroll Calculations & Business Rules Specification 1 April 2019 to 31 March 2020 This document supports the Payday Filing File Upload Specification 2020 Date: 21/02/2019 Version: V1.2 Contents
More informationEveryone is talking about tax 2018 Latest Tax Developments seminar
Everyone is talking about tax 2018 Latest Tax Developments seminar June 2018 Deloitte speakers Melanie Meyer Partner Having worked exclusively in transfer pricing for over 16 years, my goal is to provide
More informationCabinet Economic Growth and Infrastructure Committee
Cabinet Economic Growth and Infrastructure Committee Summary EGI-16-SUB-0105 This document contains information for the New Zealand Cabinet. It must be treated in confidence and handled in accordance with
More informationEstate or trust return guide 2015
IR 6G March 2015 Estate or trust return guide 2015 Read this guide to help you fill in your IR 6 return. If you need more help, read our guide Trusts and estates income tax rules (IR 288). Complete and
More informationInternational Tax New Zealand Highlights 2018
International Tax New Zealand Highlights 2018 Investment basics: Currency New Zealand Dollar (NZD) Foreign exchange control There are no restrictions on the import or export of capital. Accounting principles/financial
More informationGST Direct: Bringing you the latest GST and Customs developments
GST Direct: Bringing you the latest GST and Customs developments March 2017 Issue 31 In this issue: GST on services performed for non-residents in connection with land CZR case heading to Court of Appeal
More informationpwc.co.nz Tax Tips October 2017 In this issue: What the election results mean from a tax perspective
pwc.co.nz Tax Tips October 2017 In this issue: What the election results mean from a tax perspective What the election results mean from a tax perspective The Labour/New Zealand First coalition, combined
More informationRegulatory Impact Statement
Regulatory Impact Statement Tax treatment of profit distribution plans Agency Disclosure Statement This Regulatory Impact Statement has been prepared by Inland Revenue. The problem addressed in the Statement
More informationTAX INFORMATION BULLETIN NO.11 J U N E CONTENTS. Time-Share Apartments - Profits on sale subject to tax...2. Livestock Farming Regime...
TAX INFORMATION BULLETIN NO.11 J U N E 1 9 9 0 CONTENTS Time-Share Apartments - Profits on sale subject to tax...2 Livestock Farming Regime...3 In Specie Distributions...3 Accident Compensation Levies
More informationLast minute foreign super amendment welcome
Tax Alert A focus on topical tax issues In this issue Last minute foreign super amendment welcome Tax year-end matters GST Refunds for non-residents Deloitte Tax Calendar Have you ordered yours yet? Jono
More informationSimplifying the collection of tax on employee share schemes
July 2016 A special report from Policy and Strategy, Inland Revenue Simplifying the collection of tax on employee share schemes Sections CE 2, RD 6, RD 7, RD 7B, of the Income Tax Act 2007; section 46(6B)
More informationCabinet Committee on State Sector Reform and Expenditure Control STAGE 2 OF TRANSFORMING NEW ZEALAND S REVENUE SYSTEM
Cabinet Committee on State Sector Reform and Expenditure Control In Confidence Office of the Minister of Revenue STAGE 2 OF TRANSFORMING NEW ZEALAND S REVENUE SYSTEM Proposal 1. This paper provides an
More informationPayroll giving: providing a real-time benefit for charitable giving
Payroll giving: providing a real-time benefit for charitable giving A government discussion document Hon Dr Michael Cullen Minister of Finance Hon Peter Dunne Minister of Revenue First published in November
More information2015 Tax Bills reported back. A pre-easter legislative rush brings some welcome amendments and clarifications to the RLWT and GST proposals
23 March 2016 Regular commentary from our experts on topical tax issues Issue 2 A pre-easter legislative rush brings some welcome amendments and clarifications to the RLWT and GST proposals 2015 Tax Bills
More informationPAYE Reporting Released November 2016
PYE Reporting Released November 2016 Introduction The Government is modernising New Zealand s tax system to make it simpler and more certain for New Zealanders. Improving the administration of PYE is an
More informationCompany tax return guide 2014
IR 4GU May 2015 Company tax return guide 2014 Use this guide to help you complete your 2014 income tax, annual imputation and FDP (foreign dividend payment) account returns. 2 COMPANY TAX RETURN GUIDE
More informationCONTENTS. Vol 21 No 6 August In summary
Vol 21 No 6 August 2009 CONTENTS 1 In summary 3 Binding rulings Decision not to reissue public rulings BR Pub 03/08 and BR Pub 03/09 Product rulings BR Prd 09/03, 09/04, 09/05, and 09/06 Public ruling
More informationKPMG 10 Customhouse Quay P.O. Box 996 Wellington New Zealand
KPMG 10 Customhouse Quay P.O. Box 996 Wellington New Zealand Telephone +64 (4) 816 4500 Fax +64 (4) 816 4600 Internet www.kpmg.com/nz Deputy Commissioner Policy and Strategy Division Inland Revenue P O
More informationCompany tax return guide 2008
IR 4GU June 2008 Company tax return guide 2008 This guide is to help you complete your 2008 income tax, annual imputation and dividend withholding payment account returns. Complete and send us your IR
More informationTAX INFORMATION BULLETIN VOLUME TWO, NO. 2 AUGUST 1990 CONTENTS. Living Alone Payments 3. Donations and School Fees Rebate 3
TAX INFORMATION BULLETIN VOLUME TWO, NO. 2 AUGUST 1990 BUDGET CHANGES CONTENTS Living Alone Payments 3 Donations and School Fees Rebate 3 Additional Bloodstock Expenses now Allowable 3 "Test Period" Motor
More informationSupplementary Order Paper 220: Taxation (Tax Administration and Remedial Matters) Bill
Supplementary Order Paper 220: Taxation (Tax Administration and Remedial Matters) Bill Officials Report to the Finance and Expenditure Committee on s on the Bill May 2011 Prepared by the Policy Advice
More informationPublic Rulings Unit Work Programme
Public Rulings Unit Work Programme 2016-17 Monthly update - position as at 30 June 2017 Public items are summarised below based on their current status. Items we have completed are at the bottom of the
More informationEstate or trust return guide 2018
IR6G March 2018 Estate or trust return guide 2018 Read this guide to help you fill in your IR6 return. If you need more help, read our guide Trusts' and estates' income tax rules (IR288). Complete and
More informationDoes FATCA affect me?
Issue 7/2014 FATCA now in force: How the rules affect you FATCA now in force: How the rules affect you Does FATCA affect me? The US Foreign Account Tax Compliance Act (FATCA) rules came into effect on
More informationFirst-time employer s guide
IR 333 April 2013 First-time employer s guide Information you ll need if you re thinking of taking on staff for the first time 2 First-time employer s guide Introduction This booklet takes a brief look
More informationTax Working Group Information Release. Release Document. September taxworkingroup.govt.nz/key-documents
Tax Working Group Information Release Release Document September 2018 taxworkingroup.govt.nz/key-documents This paper contains advice that has been prepared by the Tax Working Group Secretariat for consideration
More informationBEPS nears the finish line. The inevitable BEPS changes are close to the final stages of implementation.
13 December 2017 Regular commentary from our experts on topical tax issues Issue 2 The inevitable BEPS changes are close to the final stages of implementation. BEPS nears the finish line Snapshot The Taxation
More informationAUSTRALIAN BUDGET
MAY 2015 AUSTRALIAN TAX UPDATE AUSTRALIAN BUDGET 2015-2016 INTRODUCTION The Australian Government has released a measured but significant 2015-2016 Federal Budget. The three main tax changes include a
More information0-14, % 14,001-48, % 48,001-70,000 30% Over 70,000 33%
TAX FACTS 2015 Income Tax s INDIVIDUALS Income 0-14,000 10.5% 14,001-48,000 17.5% 48,001-70,000 30% Over 70,000 33% COMPANIES Companies (including branches or permanent establishments of non-resident companies
More informationHybrid and branch mismatch rules
August 2018 A special report from Policy and Strategy, Inland Revenue Hybrid and branch mismatch rules Sections FH 1 to FH 15, EX 44(2), EX 46(6)(e), EX 46 (10)(db), EX 47B, EX 52(14C), EX 53(16C), RF
More informationChair, Cabinet Government Administration and Expenditure Review Committee
In Confidence Office of the Minister of Revenue Chair, Cabinet Government Administration and Expenditure Review Committee February 2018 Update Delivering the next step in the Transformation of New Zealand
More informationTaxation (Neutralising Base Erosion and Profit Shifting) Bill
Committee Secretariat Finance and Expenditure Committee Parliament Buildings Wellington 6011 8 February 2018 Taxation (Neutralising Base Erosion and Profit Shifting) Bill Dear Sir / Madam Thank you for
More informationSUBMISSION ON THE ADDRESSING HYBRID MISMATCH ARRANGEMENTS GOVERNMENT DISCUSSION DOCUMENT
#012 11 November 2016 Addressing hybrid mismatch arrangements C/- Deputy Commissioner Policy and Strategy Inland Revenue Department POBox2198 Wellington 6140 ASB Barh L n \lt.xi PO Box 35, Shor tland Street
More informationGlobal Tax Alert. OECD releases report under BEPS Action 2 on hybrid mismatch arrangements. Executive summary
23 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationGST Direct: Bringing you the latest GST and Customs developments
GST Direct: Bringing you the latest GST and Customs developments March 2018 Issue 32 What s in this issue: Low value goods and GST What could be in store for New Zealand? When do you have a taxable activity?
More informationQUICKBOOKS NEW ZEALAND 2012/13 R6 (TAX TIME) UPDATE
QUICKBOOKS NEW ZEALAND 2012/13 R6 (TAX TIME) UPDATE Use this document to assist you with upgrading your QuickBooks New Zealand 2012/13 product to the latest tax compliance requirements mandated by the
More informationSimplifying the collection of tax on employee share schemes
KPMG Centre 18 Viaduct Harbour Avenue P.O. Box 1584 Auckland New Zealand Telephone +64 (9) 367 5800 Fax +64 (9) 367 5875 Internet www.kpmg.com/nz Deputy Commissioner, Policy and Strategy Inland Revenue
More informationGST: A Review. A Government discussion document
GST: A Review A Government discussion document GST: A review. A tax policy discussion document. First published in March 1999 by the Policy Advice Division of the Inland Revenue Department, PO Box 2198,
More informationTax Information Bulletin
Tax Information Bulletin Volume Three, No. 7 April 1992 Contents Special Corporate Tax Issue - Business Tax Changes...3 Part I - Dividends...4 Introduction...4 Definitions - Section 2...4 Bonus Issues
More informationNew PAYE and tax framework proposals an initial reaction
11 November 2015 Regular commentary from our experts on topical tax issues Issue 1 Today s documents raise building block questions as a foundation for New Zealand s 21 st century tax system The result
More informationNon-resident income tax return guide 2007
IR 3NRG November 2006 Non-resident income tax return guide 2007 Please read page 5 of this guide to see if you are required to complete an IR 3NR. This guide is based on New Zealand tax law at the time
More informationTaxation (GST and Remedial Matters) Bill
Taxation (GST and Remedial Matters) Bill Officials Report to the Finance and Expenditure Committee on s on the Bill October 2010 Prepared by the Policy Advice Division of Inland Revenue and the Treasury
More informationTax information for charities registered under the Charities Act 2005
Tax information for charities registered under the Charities Act 2005 IR 256 September 2014 2 Tax information for charities Tax information for charities The Charities Services has told us that your organisation
More informationTax Reduction and Social Policy Bill Part 1 - Tax Rate Reductions
Tax Reduction and Social Policy Bill Part 1 - Tax Rate Reductions This part discusses the three items which form part of the reduction in income tax rates. The first item concerns the reduction in the
More informationNRWT: Related party and branch lending
April 2017 (upd 16 April 2017) A special report from Policy and Strategy, Inland Revenue : Related party and branch lending The Taxation (Annual Rates for 2016 17, Closely Held Companies, and Remedial
More informationSingle Touch Payroll (STP) Your Questions Answered
Single Touch Payroll (STP) Your Questions Answered 1 Thank you for taking the time to submit a response to the Single Touch Payroll (STP) discussion paper. This initiative is still under consideration
More informationSimplifying taxpayer requirements. A Government discussion paper on proposals for change
Simplifying taxpayer requirements A Government discussion paper on proposals for change First published in December 1997 by the Inland Revenue Department, PO Box 2198, Wellington, New Zealand. Simplifying
More informationStandard practice statement
Deadline for Comment: 22 March 2019 Standard practice statement ED0211 Late Filing Penalties This statement also appears in the Tax Information Bulletin Vol XX, No X (XXXX). Introduction Standard practice
More informationAIL, NRWT and the bond market
AIL, NRWT and the bond market An officials issues paper September 2009 Prepared by the Policy Advice Division of Inland Revenue and the Treasury First published in September 2009 by the Policy Advice Division
More informationCompany tax return guide 2011
IR 4GU February 2011 Company tax return guide 2011 Use this guide to help you complete your 2011 income tax, annual imputation and FDP (foreign dividend payment) account returns. 2 COMPANY TAX RETURN GUIDE
More informationCompany tax return guide 2009
Company tax return guide 2009 Use this guide to help you complete your 2009 income tax, annual imputation and FDP (foreign dividend payment) account returns. IR 4GU April 2009 2 COMPANY TAX RETURN GUIDE
More informationNew Zealand to implement wide ranging international tax reforms
15 August 2017 Global Tax Alert New Zealand to implement wide ranging international tax reforms EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationINTERPRETATION STATEMENT: IS 17/06
INTERPRETATION STATEMENT: IS 17/06 Income tax application of schedular payment rules to directors fees All legislative references are to the Income Tax Act 2007 (the Act) unless otherwise stated. Relevant
More informationRegistered superannuation funds return guide 2018
IR44G March 2018 Registered superannuation funds return guide 2018 Complete and send us your IR44 return by 7 July 2018, unless you have an extension of time to file - see page 4 of the guide. 2 REGISTERED
More informationDepartmental Disclosure Statement
Departmental Disclosure Statement Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill The departmental disclosure statement for a government Bill seeks to bring together in one
More informationInland Revenue Regulatory Management
Inland Revenue Regulatory Management November 2016 Prepared by Policy and Strategy, Inland Revenue CONTENTS 1. Introduction 1 2. Scope of activities 2 Regulatory regimes 2 Revenue raising and collection
More informationMAKING TAX SIMPLER A GOVERNMENT GREEN PAPER ON TAX ADMINISTRATION
MAKING TAX SIMPLER A GOVERNMENT GREEN PAPER ON TAX ADMINISTRATION Hon Bill English MINISTER OF FINANCE Hon Todd McClay MINISTER OF REVENUE The first in a series of government discussion documents looking
More informationNEWSLETTER. The business of immigration INSIDE THIS EDITION CHARTERED ACCOUNTANTS LIMITED
CHARTERED ACCOUNTANTS LIMITED Unit 10, 333 Harewood Road P.O. Box 20519 Bishopdale Christchurch 8543 New Zealand NEWSLETTER Issue 3 Aug Oct 2017 INSIDE THIS EDITION The business of immigration...1 Proof
More informationThe Government s tax policy work programme
The Government s tax policy work programme 2018 19 May 2018 Prepared by Policy and Strategy, Inland Revenue and the Treasury Tax policy work programme projects for 2018 19 Government priorities and coalition
More informationAmerican Payroll Association
Government Relations Washington, DC December 5, 2016 Forms and Publications Internal Revenue Service Joseph.M.Guillen@irs.gov Re: Recommendations on the Internal Revenue Service s Form 1042-S and Instructions,
More informationGST on low value imported goods: an offshore supplier registration system. CA ANZ Submission, June 2018
GST on low value imported goods: an offshore supplier registration system CA ANZ Submission, June 2018 2 Contents Cover letter... 4 General comments... 7 Offshore supplier registration: scope of the rules...10
More informationNew Zealand s International Tax Review
New Zealand s International Tax Review Extending the active income exemption to non-portfolio FIFs An officials issues paper March 2010 Prepared by the Policy Advice Division of Inland Revenue and the
More informationCompany tax return guide 2018
IR4GU March 2018 Company tax return guide 2018 Use this guide to help you complete your 2018 income tax and annual imputation returns. 2 COMPANY TAX RETURN GUIDE www.ird.govt.nz Go to our website for information
More informationTax penalties, tax agents and disclosures
Tax penalties, tax agents and disclosures A government discussion document Hon Dr Michael Cullen Minister of Finance Hon Peter Dunne Minister of Revenue First published in October 2006 by the Policy Advice
More informationYEAR END - TAX PLANNING CHECKLIST
YEAR END - TAX PLANNING CHECKLIST FOR YEAR ENDING 31 MARCH 2018 Below is a checklist of matters relevant to all business entities which you should consider, some of which may help you reduce the amount
More informationTax agents' guide for migrants and returning New Zealanders
Tax agents' guide for migrants and returning New Zealanders Helping your clients with international tax IR1069 April 2016 Classified Inland Revenue - Public Contents About this guide 1 How New Zealand's
More informationSingle Touch Payroll Australian Institute of Superannuation Trustees Presented by Ian Colhoun Australian Taxation Office
Single Touch Payroll 2018 Australian Institute of Superannuation Trustees Presented by Ian Colhoun Australian Taxation Office Why is Single Touch Payroll so important? Employee Entitlements Streamlining
More informationGST - MEANING OF PAYMENT
GST - MEANING OF PAYMENT This item clarifies what is a payment for the purposes of section 20(3)(a)(ia) of the Goods and Services Tax Act 1985. Subsection (2) of section 6 of the Goods and Services Tax
More informationUpskill with us Highly effective training for today s businesses. training.pwc.co.nz
Upskill with us Highly effective training for today s businesses training.pwc.co.nz We understand that continuous learning and development of staff is at the heart of every successful organisation. Our
More informationPartnership and look-through company (LTC) return guide 2014
IR 7G March 2014 Partnership and look-through company (LTC) return guide 2014 Read this guide to help you fill in your IR 7 return. Complete and send us your IR 7 return by 7 July 2014, unless you have
More informationIR335 November Employer's guide. Information to help you with your responsibilities as an employer
IR335 November 2017 Employer's guide Information to help you with your responsibilities as an employer www.ird.govt.nz 1 Introduction If you have anyone working for you, it's your responsibility to deduct
More informationRegulatory Impact Statement
Regulatory Impact Statement Reform of tax treatment of non-resident fishing crews Agency disclosure statement This Regulatory Impact Statement (RIS) has been prepared by Inland Revenue. The problem addressed
More informationLook-through companies
IR879 March 2018 Look-through companies A guide to the look-through company rules 2 LOOK-THROUGH COMPANIES www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or
More informationKPMG Centre 18 Viaduct Harbour Avenue P.O. Box 1584 Auckland New Zealand
KPMG Centre 18 Viaduct Harbour Avenue P.O. Box 1584 Auckland New Zealand Telephone +64 (9) 367 5800 Fax +64 (9) 367 5875 Internet www.kpmg.com/nz GST - Current issues Deputy Commissioner, Policy and Strategy
More informationMaking it easier for borrowers to repay their student loans
Making it easier for borrowers to repay their student loans A government discussion document Hon Peter Dunne Minister of Revenue First published in June 2009 by the Policy Advice Division of Inland Revenue,
More informationMāori authorities tax return/annual Māori authority credit account return guide 2018
IR8G March 2018 Māori authorities tax return/annual Māori authority credit account return guide 2018 Complete and send us your IR8 and IR8J return by 7 July 2018, unless you have an extension of time to
More informationFirst-time employer s guide
First-time employer s guide Information you ll need if you re thinking of employing workers for the first time IR333 April 2018 Contents About this guide 3 Why paying tax matters 3 Are you an employer?
More informationClubs or societies return guide 2018
IR9G March 2018 Clubs or societies return guide 2018 Read this guide to help you fill in your IR9 return. Complete and send us your IR9 return by 7 July 2018, unless you have an extension of time to file
More informationSECTION 1 SHORT TITLE SECTION 2 INTERPRETATION SECTION 3 MEANING OF THE TERM DIVIDENDS. Working Day. Non Cash Dividends. Interest
This Appendix to TIB No. 3 explains the Income Tax Amendment Act (No 2) 1989 which was enacted on 26th July 1989. Part 1 of the Act contains legislation implementing the Resident Withholding Tax Regime
More informationChartered Accountants, Tax Advisors, Business Advisors and Auditors TAX PLANNING CHECKLIST
Chartered Accountants, Tax Advisors, Business Advisors and Auditors TAX PLANNING CHECKLIST FOR YEAR ENDING 31 MARCH 2015 Contents Pages Year end tax planning checklist 2-5 General tips on minimising tax
More informationNew Zealand tax residence
IR292 September 2017 New Zealand tax residence Who is a New Zealand resident for tax purposes? The information in this guide is based on current tax laws at the time of printing. www.ird.govt.nz 1 Introduction
More informationAPRA AND ASIC UPDATES 1.1 ASIC
MOving Ahead 16 April 2018 Prepared by Luke Hooper, Special Counsel In this edition: ASIC states its indicative minimum levy for the 2018 Financial Year; APRA releases the results of a review of remuneration
More information