End of Year – March 2021
April Fools Day and the start of the new financial year – coincidence?
Our questionnaires for the tax year ended 31 March 2021 are now available on our website in both pdf and Word format. When you are ready, please access the forms you need from the website, to prepare and send in to us.
Here is the link: https://www.millerjohnson.co.nz/free-resources/client-questionnaires/
If you are not planning to complete these straight away, remember the actions and information that you need to do now, in preparation:
- Business stocktake as at 31 March (if your business holds trading stock of $10,000 or more)
- Write off any bad debts as at 31 March
- Print out of business bank account balances as at 31 March
Information which we will need for tax returns, and may not be available for a few weeks, includes:
- Certificate of interest paid to you by banks
- Loan or mortgage certificates on any business or rental related loans
- Investment portfolio reports to 31 March
If you wish to get your accounts in before these are available, please make a note to supply when you receive them.
A reminder of recent and upcoming tax changes:
- The income tax rate on personal income over $180,000 rises to 39% effective today
- Brightline test extended for residential rental property purchased after 27 March 2021. (We will be sending a separate article on this, and interest deductions, soon)
- Minimum wage rise effective today to $20 per hour
- Low cost asset write off for tax reverts to $1,000 from 17 March 2021
- If you would like your 2021 accounts scheduled for preparation by a particular date, will you let us know. If we don’t hear from you, we will contact you during the year.
- Let us know if you have any concerns about tax payments or business finances, particularly if your business has been affected by the pandemic.
- Remember we have moved premises to 19A Huron Street, Takapuna
- And we hope you have a safe and happy Easter break.