Here is the latest update from the world of accounting:
New top tax rate
The government has recently announced a new top tax rate of 39% from 1 April 2021. This will only apply for individuals with total annual income over $180k. This new law is only expected to affect 2% of New Zealanders.
Income tax payments
For those who had a tax bill owing for the 2020 financial year and haven’t yet paid it, the final date for payment is 7 April 2021. If this affects you then I will email you directly to remind you of this.
2021 Tax returns
March 31 is not far away. After this date I will start to complete tax returns for the year ended 31 March 2021. I will be in touch directly to request the information needed. In the meantime, make sure any outstanding payments are made, cashbooks are up to date and all receipts are easily accessible.
If you have any questions please let me know.
Regards -Andrew