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John Rowe

Important Reminders to Clients: April 2009


In this post for April, you'll find two very important reminders to help you to manage your finances and affairs more effectively.

Provisional Tax: 3rd Instalment of 2009

The last instalment of 2009 provisional tax is due 7 May 2009. This payment covers expected tax for the year 1 April 2008 to 31 March 2009.

Provisional tax is a way of paying income tax as the income is received through the year. You pay instalments towards your final taxation liability based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill at the end of the year.

If we have discussed provisional tax, or you have advised us that you expect to have tax to pay for the above year, we would have already sent you a payment slip detailing the calculation and amount payable for you and any person/entity associated with you. Please note that if you do not agree with any of the amounts, or circumstances have changed, please contact us urgently.

If we have not sent you a payment slip, you have either advised us that no taxation is payable, or our records show no payment is due. However, if your circumstances have changed or if you or anyone entity associated with you expects to have to pay Inland Revenue more than $2,500 based on profits earned between 1 April 2008 and 31 March 2009, please contact us urgently.

Payment Due

As all payments are due before 7 May 2009, we recommend you send your post dated cheque(s) together with the payment slip(s) to the Inland Revenue at PO Box 1454 Hamilton now. Alternatively, payments can be made on line or at any Westpac Bank.

The Inland Revenue will charge penalties and use of money interest on late or under payments. Currently use of money interest is charged at 9.73% on shortfalls and paid at 4.23% on overpayments.

If you do not have sufficient funds to pay the instalment by the due date please contact us, as there are repayment/instalment options available that will minimise penalties and interest.

Finally, do not hesitate to get in touch if you have any questions. We are here to help.

Your Financial Statements - Please Answer Queries!

For the majority of our clients the 2009 financial year has concluded and we are busy preparing financial statements and taxation returns.

In order to complete your affairs as efficiently as possible we need your help! We ask that you answer any queries raised and provide additional information within 48 hours of request. This will stop the accountant assigned to your file having to re-familiarise themselves with your file and help to minimise your fees.

Please appreciate that that if there are delays resolving queries because we do not have information requested, this can cause delays and expense to you.

To get assistance completing your Annual Questionnaire, please contact us.

John Rowe
signed
John Rowe
Director
Business Accounting Services
© Gilligan Rowe & Associates LP

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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.

We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.

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