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Welcome to the new 2024 tax year at Nightingale Paton

Reminder – terminal tax for 2022 is due: Just a reminder for any clients who need to pay 2022 terminal tax, this is due 11thApril 2023. If you may have difficulties with the payment and would like to request an instalment arrangement with the IRD or tax purchase with Tax Management NZ (TMNZ), please get in touch as soon as possible to avoid late penalties (if you haven’t already). Reminder – provisional tax for 2023 is due: The final instalment of 2023 provisional tax is due on the 7th May 2023. We will be sending out payment notices over the next week and a half. If you have received a notice but your 2023 earnings have changed significantly, please contact one of the team, Anna or Michael. If you were expecting a notice but have not received one by 19th April 2023, please contact Michael. 2023 tax year:

  • We are starting to focus on the 2023 year-end and will be in touch later this month with the checklist of the information we need to do your accounts. For most clients, we are not able to file IR3s with the IRD until June 2023. Please feel free to get in touch if you have any specific timing or urgency to get 2023 completed.

  • If you are planning on paying out 2023 dividends, then the paperwork and dividend should be calculated with the DWT to be paid to the IRD by the 20thof April 2023 so please get in touch if you need assistance.

  • Please remember if you have stock, to do a stock take for year end and keep a record of it. Stock values less than $10,000 do not need to be recorded unless they were in the prior years.

Upcoming changes to note:

  • The minimum wage increased to $22.40 from 1st April 2023.

  • The FBT tax on low interest, employment-related loans has increased from 6.71% to 7.89% on 1st April 2023.

  • ACC levies set on earners levy at $1.53 per $100 (up from $1.46 per $100) on 1st April 2023.

  • Use of money interest rate on underpayments has increased to 10.39% (up from 9.21%) from 9 May 2023.

Xero: Please note we are Xero Gold Partners. If you transfer your Xero subscription to us, we pass on a discounted xero fee on any business subscription (this does not include cashbooks) through our gold status. Michael and Anna will be on leave 11th to 14th of April (we are doing the Otago rail trail) so there might be a delay in responding to queries. We will respond as soon as we can, however, may have limited access to internet and cell phone reception. If you have anything urgent, please contact Wishing you a happy Easter, Michael, Anna and the team at NPL

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