New Provisional Tax Payment Dates
New provisional tax payment dates take affect from the 2009 income tax year. For most taxpayers (March balance date) this means from 1 April 2008. However, for non standard balance date (non March) taxpayers the change can be effective as early as 1 October 2007.
The provisional tax dates are being aligned with GST return payment dates. Yes, that does mean both GST and provisional tax will be due on the same day. There will still be three provisional tax payments if you return GST monthly or two monthly. However, if you return GST six monthly then you will only have two provisional tax payments to make per year.
For a standard March balance date taxpayer the new provisional tax instalment dates are as follows:
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Old Due Dates
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New Due Dates
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P 1
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7 July
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28 August (July GST return due date)
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P 2
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7 November
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15 January (November GST return due date)
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P 3
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7 March
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7 May (March GST return due date)
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For six monthly GST filers with a March balance date the new dates are as follows:
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Old Due Dates
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New Due Dates
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P 1
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7 July
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28 October (September GST return due date)
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P 2
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7 November
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7 May (March GST return due date)
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P 3
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7 March
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-
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For a May balance date the new dates are as follows:
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Old Due Dates
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New Due Dates
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P 1
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7 September
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28 October
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P 2
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15 January
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28 February
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P 3
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7 May
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28 June
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As you can see there has been an effective one off permanent deferral of provisional tax of up to 51 days.
Remember, these changes are not effective for most taxpayers now. These changes take affect from the start of the 2009 income tax year. Most taxpayers still have to pay provisional tax on 7 November 2007 and 7 March 2008.
If you have a 31 October balance date your first instalment of provisional tax for 2009 will be due on 28 March 2008 (if you are not on six monthly GST returns).
Despite the above changes the terminal tax payment dates have not changed.
Business Tip
Children at school can now earn $2340 per annum before tax is required to be paid.
New Zealand’s Unsolicited Electronic Messages Bill
With the recent New Zealand’s Unsolicited Electronic Messages Bill coming into force this month we thought it was a good time to remind you that you are currently on our mailing list to receive email updates.
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