Curtis McLean

Check out the highlights of the current budget here

Finally this year there was a budget with things to talk about!
Check out the highlights of the current budget here

With personal income tax rate changes there have been changes to the options taxpayers have when deciding what tax rates should be applied to interest or PIE (Porfolio Investment Entity) income they receive.
Attached is a brief summary of the changes written by Scott Fraser one of our accounting managers.
As you would expect this is general [...]

Previously most companies would not have needed to deduct resident withholding tax (RWT) from dividends paid as the company paid tax at 33% and attached imputation credits to dividends at 33%.
From the start of the 2008/09 income year, the income tax rate for companies was lowered from 33% to 30%. Unfortunately the rate of tax [...]

The Inland Revenue Department has changed the due dates for provisional tax.
From 1 April 2008 provisional tax payments will be aligned with GST payments.
The number of provisional tax instalments will depend on the option you use to calculate your provisional tax payments and your GST filing frequency.
There will be a new option, called the ratio [...]