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  • Bennetts Proactive newsdesk

    • Office Closures 25/03/2019
      Team Planning Day Our office will be closed on Friday 12 April 2019 for a team planning day out of the office. Easter We will ...More
  • Other Inland Revenue Department Proposals

    The IRD have also proposed changes to the way Personal Tax Summaries (PTS) will be actioned in the future along with donation rebates.

    There will be a new “income profile” for each taxpayer.  This will be visible in myIR and will contain income information and tax disclosure history.

    Donation receipts will be able to be submitted online during the year, however, an assessment will remain at year end once the taxpayer's taxable earnings are available. 

    For our clients that are linked to our tax agency the proposed changes around the PTS and donations will not be relevant to you.  You will not be required to lodge a PTS as you will have other earning disclosures such as business income, shareholder salary or Trust distributions that we need to manage.  Donation rebates will be lodged with the IRD as part of your tax return disclosure.   

    Tax refunds will be issued automatically into the taxpayer's bank accounts, based on bank details held by the IRD. 

    Caution needs to be applied here if you change bank accounts, have a relationship breakdown, wish for your refund to be offset against another tax type/associated taxpayer debt, or the assessment is incorrect – the responsibility remains with the taxpayer.

    Post dated cheques will no longer be accepted from February 2019, that means that at the date the cheque is received by the IRD it will be banked and the funds cleared immediately irrelevant of the date of the cheque, we will assist with the timing of cheques sent to IRD.

     

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