It’s that time of year when the nights are colder, and the IRD want their pound of flesh from taxpayers.
For the majority of Kiwi tax payers, the last day for filing their 31 March 2011 income tax returns is this Thursday, July 7 2011, unless their returns are prepared by an IRD approved Tax Agent.
Tax Agents have a unique arrangement with the IRD which allows them to file clients’ tax returns over a 12 month period. This “extension of time” (EOT) arrangement means that many tax payers have longer to file their returns, without fear of late filing penalties. There’s also an added benefit in that tax payers generally receive an extra 2 months before their terminal tax is due. Payment due dates for clients with a Tax Agent is extended from February 7 2012 to April 7 2012.
So, if you’ve just started a new business venture, bought an existing business, or invested in a rental property & haven’t signed up with a Tax Agent yet, now is the perfect time to do so. But be aware. Not all Tax Agents are qualified. Choose a Tax Agent who belongs to a professional body and is subjected to strict professional rules by their supervising body.
You don’t need to submit your records to a Tax Agent immediately but you must be linked to their Agency by July 7 to qualify for the EOT arrangement.
Business Advisory Accounting & Tax Services is an approved Tax Agent with the IRD, and by becoming our client you qualify for the same EOT arrangement as all of our other clients. You will also receive ongoing business, tax & and investment property advice as we focus on delivering cost effective small business accounting & tax services that not only save our clients money, but leaves them to focus on developing their businesses.
To get started with us, please download our “Authority to Act” form in our resources section and return it to us so we can legally act for you.