Your 2013 annual tax returns
To meet your tax compliance requirements for the financial year end 2013, you need to complete an information questionnaire and provide it to us along with any required documentation. Please ensure that the forms are completed in full and that page 1 is signed.
You may be required to complete more than one type of questionnaire depending on the entities that are applicable to you. For example, if you own more than one business you need to complete one form for each of the businesses that you own. If you are unsure of the form that applies to you, or how many forms you are required to submit, please contact us.
You can download our 2013 questionnaires from our website.
Here is our link: http://www.enoka.co.nz/annual_questionnaires
If you are a company, sole trader, trust or Not for Profit organisation, please complete the sections of this questionnaire that apply to you.
If you are required to submit an individual tax return this year, please complete the sections of this questionnaire that apply to you
Why complete questionnaires
We are often asked why we need our clients to complete questionnaires and here are just some of the reasons:
Inland Revenue Department - A number of the questions we ask provide us with information we need to have on file to fulfil your income tax requirements should an audit be undertaken by the IRD.
Statutory Requirements - There are a number of Acts that Business's, Directors and Shareholders are subject to. These include the Companies Act, Financial Reporting Act, GST and IRD legislation which we need to ensure compliance with.
Turnaround - From our experience, missing information is the most common cause of delay in completing a set of Financial Statements. The questionnaires are designed to help you provide all the information we need to enable us to prepare your Financial Statements and Tax Returns in a timely manner.
Accuracy - If you provide the information we request, your Financial Statements and Tax Returns should reflect more fairly and accurately the results experienced for the year.
There have been several tax changes that came into force from 1 April 2013. These are as follows:
From 1 April 2013 there are several changes to the KiwiSaver contribution rate.
• The minimum contribution rates for employees increased from 2% to 3%.
• The minimum compulsory employer's contribution rate increased from 2% to 3%.
Employment of Primary/Secondary School Children
From 1 April 2013 you must deduct PAYE from salary or wages or deduct tax from scheduler payments made to school children. The details will need to be included on your Employer monthly schedule (IR 348). To ensure tax is deducted at the correct rate you should ask them to complete the Tax code declaration (IR330) form.
Tax credits for individuals
As part of the Government's 2012 Budget, individuals can no longer claim the:
- childcare and housekeeper tax credit, and
- tax credit for income under $9,880
for the 2012-2013, and future tax years.
Spend less time on your books and more time on your business
BankLink makes your accounting simpler, faster, and more efficient. Are you currently struggling with having to manually enter your transactions each month, collect piles of paperwork or use complex software packages? BankLink lets you spend less time on your accounting and more time on your business. BankLink will save you time and effort by automating your accounting. The service works by providing an electronic copy of your bank transactions direct to our practice.
• You do not have to enter transactions
• You do not have to reconcile your accounts
• You do not have to code all of the transactions manually
This significantly reduces the effort involved when it comes to processing your GST and annual accounts. The service is completely secure – it is not connected to internet banking and you will never be asked to disclose your bank passwords. BankLink is only available through your accountant and means that you are working to the same system as we are.
If you want to be in control of your own bookwork and GST filing, then BankLink Books is the solution for you. As well as minimising the amount of labour required, it also includes management reporting functionality (like cash flow and budgeting) which means that you will quickly be able to have the information you need at your fingertips so you can make better business decisions.
About The BankLink Service
BankLink is a New Zealand owned and operated company that has grown over the last 26 years to become a premium solution for the local and global accounting industry. It is a trusted and secure solution which is used by over 250,000 business owners and more than 4,500 accounting practices across New Zealand, Australia and the United Kingdom. As well as all the main banking institutions BankLink works with 100 institutions including all the major rural institutions.
Contact us for further information.
Although every effort has been made to ensure the accuracy of this newsletter, the information is necessarily generalised. Clients are therefore requested to seek specific advice and not rely solely on the above, if they are interested in any matters mentioned.
Paul Enoka Chartered Accountants Ltd
Level 1, 2 Pretoria Street , Lower Hutt
PO Box 31-348 Lower Hutt 5040 ,New Zealand
Phone (04) 939-7977