Inland Revenue has continued to settle down their updated computer system which will continue to add further transactional information for each taxpayer, thereby assisting tax agents and taxpayers to prepare more accurate tax returns. The next step will require payers of interest dividends, royalties, PIE income and Maori authority distributions to file more frequent and detailed investment income information electronically from 1 April 2020. Please note that if you do not provide your IRD number to payers of interest income, they will have to use the non-declaration rate for tax payers which will increase to 45% from 1 April 2020. Another major change for Inland Revenue is that they will stop accepting tax payments by cheque from 1 March 2020. While payment can be made in person at any Westpac branch by cash or EFTPOS, taxpayers will generally have to pay online either through myIR or internet banking.
KCA are now fully settled into our offices at 15 Talisman Drive and enjoying our location in professional offices in the centre of town. New clients looking for a professional accountant that emphasises client service should come and visit Geoff for a free consultation.