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Makes Cents Newsletter 31 March 2023- READ ME IMPORTANT INFORMATION

It is full on at Makes Cents as you would expect with the end of the financial year.  Susan and Maurice are still piling through the work. Inland Revenue extended the time to file returns to 31 May 2023. Last week they also extended the time frame for filing returns and get the $350.00 Cost of Living Allowance to 31 May 2023. Yee-ha common sense prevailed!

2022 Terminal Tax Reminders

We have emailed out the reminders for the 2022 terminal tax payments which are due to be paid to Inland Revenue by Tuesday 11 April 2023. Don’t forget to set up your payment on internet banking before you head away for Easter!

Stocktake 

For most of you end of the financial year and balance date is today so you need to do your stock take. But if your turnover is less than $1.3 million and it can be estimated that your trading stock on hand is less than $10,000 it can be valued at the same level as opening stock. Any questions on this then get in touch.

The minimum wage is increasing to $22.70 per hour for adults 16 years and over from 1 April 2023. The Starting Out and Training wage rates are also increasing to $18.16 per hour. The living wage rate is $23.65 per hour.

For further information click on the button below to take you to the Employment New Zealand website: 

Audit Shield

The Audit Shield invoices have been emailed out this year. This insurance covers you up to $13,000 in fees if Inland Revenue review any of your tax returns including income, GST and PAYE.  It also covers up to $13,000 if IRD do an audit on your business and your returns. The time involved can be substantial and so can the fee for these audits and reviews. As predicted we have noted increased activity from Inland Revenue in reviewing returns & asking for more information on a lot more GST and income tax returns.  It is worth taking out to save you’re the pain of large costs if IRD do a review or audit.

2023 Work

We will send out our usual checklists in the middle of April for the 2023 work. Once we do this we will be accepting work for 2023. We cannot do any 2023 financial statements and income tax returns until Inland Revenue opens up their systems for 2023 and that is usually not until the end of April.

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