Sick of managing tax? Do it the eGST way
22nd September, 2016
Are you sick of managing your tax obligations?
If you do, then you’re really going to love the Inland Revenue. (Yes, that’s right, the Inland Revenue.)
The IRD wants to make managing tax easier for small businesses, from managing GST, PAYE and Income Tax.
The plan is that in just a few clicks of the mouse you’ll be all sorted. So that means manual filing such as filling in forms and posting them off will soon be a thing of the past.
This is not way off in the future – it’s happening now!
You can now start filing your GST automatically through MYOB online accounting software to the IRD.
It works by prepopulating GST return data through MYOB software, based on sales. The return can then be securely sent to the IRD directly through the cloud-based platform, which means you no longer need to manually enter figures into a separate GST return and submit or print and send to Inland Revenue.
We’re really proud to be the first company in New Zealand to offer this service to customers and we’ve received some sensational feedback from customers about the ease, accuracy and generally how much faster it is to submit the GST return.
More big changes
You may also have heard that the Prime Minister announced changes to simplify business tax back in April this year.
The changes will impact around 100,000 small businesses who have a turnover of less than $5million p.a. They include removing the often complicated provisional tax where you have to predict future earnings and will instead be replaced with a pay-as-you-go tax called the accounting income method (AIM).
AIM will be with us by April 2018. Again please don’t wait for this to swing round. The difference with AIM is that the IRD are proposing that you will have to submit via an online accounting solution, like MYOB Essentials or AccountRight.
If you’re not using an online solution today, now is a fantastic time to start. Simply take a free trial and start getting yourself used to online software – it’s one less thing to get your head round!
Employer simplification
There’s also great plans to support employers by reducing the time spent on key tasks such as filing and paying PAYE to registering as an employer for the first time.
The aim here is to reduce the number of systems or methods of filing by allowing you to complete all these key tasks through your online accounting and payroll solution. So again removing complexity and best of all saving you time!
Get yourself heard
It’s time to get your voice heard too.
Head to Changing For You a dedicated website that the IRD have set up to provide more information on the changes taking place and get your feedback on the proposals. Don’t miss out on having your say.
Resources
Get a step ahead: Free MYOB online trial
To see eGST in action: Lodge your return online with MYOB
Inland Revenue: Business transformation
Have your say: Changing For You
Keep up to date on IRD proposals: Making tax simpler