26 February 2019
Inland Revenue are working on some proposed changes that are currently going through Parliament and are designed to make our tax system more straightforward for New Zealanders. If the law changes, these are some of the things you and your staff need to look out for:
If an individual's only income is from salary or wages, or investment income, they will receive an end of year Income Tax Assessment between mid-May to mid-July. This will tell them how much they’ve earned and how much tax they’ve paid.
If an individual paid too much tax during the year, and their contact and bank account details are up to date in Inland Revenue's system, they will automatically have a refund paid into their bank account.
If it looks like an individual is on the wrong tax code, or are paying too little or too much tax, Inland Revenue will let them know.
Visit the Changing for You website to find out more about the proposed changes and what they could mean for you and your staff.
Tax changes for businesses are also part of the transformation and can be found here.