From a tax perspective, it has been a more settled year. The new Inland Revenue system is operating efficiently, allowing greater access to tax data in a more timely fashion.
One area of Inland Revenue focus at the moment is related to the eligibility of certain businesses receiving the resurgence support payments available after the covid outbreak in August 2021. Many taxpayers are being asked for further information to support their eligibility for receiving these subsidies.
There will be changes coming effective 1 April 2023 to the GST rules which will be publicised over the next few months by Inland Revenue. Essentially, the changes reflect how and what supply information should be shared and retained, and modernise rules to reflect modern processing technology.
If you have any queries over tax or accounting issues, please get in touch with our office for further explanations.
