Have your say in cutting tax compliance costs by up to a third

Tax compliance for businesses in New Zealand is time consuming, costly and complicated.

Are you ready to see a change in how your small business is taxed?

According to the New Zealand Institute of Chartered Accountants and Tax Management New Zealand small businesses – which now comprise 90% of New Zealand businesses – are spending a vastly disproportionate amount of time and cost complying with tax requirements in comparison with medium and large sized businesses. The result is that they are left time poor and distracted from being able to develop their businesses.

So what’s the answer?

They are seeking your feedback on their first draft proposal titled “Simplifying Tax for Small Businesses in New Zealand”.

Do you earn up to $60,000? They propose introducing a flat tax rate of 15%.

Do you earn up to $1.2m? They propose that you pay your income tax on your GST return.

Before they release their final proposal to Government and tax policy makers at the end of February 2010, they want to know what you think and what you need to help make paying tax easier for you.

To have your say about the proposals, please go to www.smetax.co.nz.

For help with your GST returns – click here

This entry was posted on Monday, December 21st, 2009 and is filed under Bookkeeping, More news.

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