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Thread: Filing IR4 2019

  1. #11
    Join Date
    Feb 2013
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    349

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    Quote Originally Posted by Beano View Post
    You need to make a GST adjustment for assets retained.
    I assume for provisional tax you would estimate tax on the 31 3 2019 tax return.
    Are you ceasing trading ?
    I haven't yet completed my returns for March 2019 , how do I get them to change the provisional payment as my income is half the previous year.

    When does the asset depreciation stop , when the income stops or when you stop self employment totally as I still would like to contract if I secure a good contract.

  2. #12
    Join Date
    Mar 2015
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    Brisbane Wellington Auckland
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    I would not "cease " and cancel gst registration as it looks like you are still in business
    Slowing done but when business comes you still work
    Just estimate a lower income for the pending year for the ird

  3. #13
    Join Date
    Oct 2016
    Posts
    196

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    Hi guys, I have just started a company managed by an accountant and a long standing PAYE job. I have not filed an individual tax return before, due to PAYE job. But I just got an email from IRD to my personal IRD number saying to file my ITT by July. What does that mean? (Ie does that mean they think I have secondary income / non-PAYE to be declared ?)

  4. #14
    Join Date
    Oct 2013
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    1,628

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    Want to amend my previous post but has been too long.

    What I described in the post in terms of Use of Money Interest was correct until 31 March 2017. As of 2018 and future years, so long as the correct "S" provtax is paid by it's due date, there will be no UOMI charged on Prov1 and Prov2 payments.

  5. #15
    Join Date
    Mar 2015
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    Brisbane Wellington Auckland
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    By
    1: using "s"
    2: filing your IR4 by 7th of May
    3: paying all your provisional tax correctly
    4: paying all your terminal tax before or on the 7th of may
    You avoid the use of money interest
    Which could be material when year on year taxable income has substantially increased
    Many thanks to anthonyacat for his clarification and research.
    Ps is this enough encouragement to file in April ?

  6. #16
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    Mar 2015
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    Brisbane Wellington Auckland
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    I meant "down " not "done" for your business.

  7. #17
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,613

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    Quote Originally Posted by Beano View Post
    By
    1: using "s"
    2: filing your IR4 by 7th of May
    3: paying all your provisional tax correctly
    4: paying all your terminal tax before or on the 7th of may
    You avoid the use of money interest
    Which could be material when year on year taxable income has substantially increased
    Many thanks to anthonyacat for his clarification and research.
    Ps is this enough encouragement to file in April ?
    Hi Beano,

    For most property investors
    - if they pay standard 28/8/18 (1st prov tax) based of 2017 taxable income or 2018 if filed.
    - if they pay standard 15/1/19 (2nd prov tax) based of 2017 or 2018 if filed
    - if they pay standard 7/5/19 (3rd prov tax) based of 2018.
    - Final tax due 7/4/20 if have extension of time. Then no interest or penalties.

    So makes no difference if you do tax return before or after 7/5/19 for most property investors!


    If Residual Income Tax (RIT) is over $50k (NOT MOST PROPERTY INVESTORS), then slight difference, and interest from 7/5/19 if haven't paid enough tax.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  8. #18
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    Oct 2013
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    1,628

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    Quote Originally Posted by Rosco View Post
    If Residual Income Tax (RIT) is over $50k (NOT MOST PROPERTY INVESTORS), then slight difference, and interest from 7/5/19 if haven't paid enough tax.
    For clarity to the rest of the community, 50k threshold applies only to individuals (including LTCs flowing through to individuals). If property is held in a company or trust, threshold is only $2.5k, and very easily reached.
    AAT Accounting Services - Property Specialist Accounting - AATAccounting.co.nz
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  9. #19
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,613

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    Company and Trust also have interest from 7/5/19 if haven't paid enough tax.

    BUT - generally for property investors, both can pay income to beneficiaries or shareholders, so then back to no interest and penalties for most property investors.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  10. #20
    Join Date
    Sep 2008
    Posts
    7,581

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    minor question

    when filing the rental returns for an apartment on the new IRD website

    should BC Charges be listed, as such, in the "repairs + maintenance" box

    or separately listed beneath as "other expenses"?
    Last edited by eri; 29-04-2019 at 07:33 PM.
    have you defeated them?
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