Tax Wise

Have a donation tax credit to claim?

If you forgot to submit your claim before the end of the tax year, don’t worry, you can do it any time throughout the year, but the refund will be paid at the end of the next tax year - 31 March.

You can submit your claim online in myIR. Here’s what you’ll need:

● the name of the approved organisation you donated to
● their IRD number and charity number, if you have them
● the type of donation
● the date of the receipt (not the date you are submitting the receipt)
● the amount of the donation

To get started go to: https://www.ird.govt.nz/income-tax/income-tax-for-individuals/individual-tax-credits/donation-tax-credits/submit-a-donation-receipt?fbclid=fbclid

empowering-families-wff The Government wants to hear public views on a set of proposals for improving Working for Families. The intention is to make Working for Families more accurate which would help prevent families from going into debt.

⏳ The Financial Year Ends on 31st March 2025!

Still haven’t hired an accountant?
Thinking of making a switch?

Now’s the perfect time!

Whether you're a small business owner, freelancer, or growing company — Tax Wise Accounting Services Limited is here to make tax time stress-free.

Let us take care of your accounting, so you can focus on your business.

Contact us today!
Email: [email protected]
Phone: 0274 738 034

We’re here to help you wrap up the year with confidence!

Happy Anniversary Day to those in the Otago region! We hope everyone is enjoying their long weekend and spending quality time with loved ones.

✨ A quick reminder that our staff in this region will be taking the day off and enjoying a long weekend too. This does mean our office in Dunedin will be closed but myIR and our phone lines will remain open. ✨

If you need to get in contact with us, the best way is in myIR - https://www.ird.govt.nz/topics/myir-secure-online-services/how-to-send-a-message-in-myir

With the current economic crisis, personal insolvency has become more common in New Zealand.

If a debtor (who is a natural person) is unable to repay their debts and believes there is no prospect of this changing, the No Asset Procedure provides an alternative to bankruptcy as a one-off opportunity to sort out the debtor’s financial affairs without a formal bankruptcy.

Now, what is the difference between Bankruptcy and No Asset Procedure?

Although the No Asset Procedure still means you are insolvent and will have a long-term impact on your credit rating, it is shorter and also has less restrictions. Bankruptcy generally lasts three years, while the No Asset Procedure lasts only one year.

To be eligible for a No Assets Procedure, you must have less than $50,000 in debt, no assets, and no prior bankruptcy filings.

Learn More about the No Assets Procedure here:
https://norlinglaw.co.nz/blog-posts/alternative-to-bankruptcy-no-asset-procedure/

Norling Law is a specialist Litigation and Dispute Resolution Law firm with a core focus on Insolvency and Restructuring.

GST rules changed in April 2024 for some online marketplace service providers using websites or apps.

With more changes coming, find out how they could affect you.

Visit – ird.govt.nz/sharing-economy

The upgrade to our online services over the weekend was a success.

Our online services (including myIR and submitting information via software providers) are all now available.

Did you know that if you are having a baby, you may be able to get support from us, like Best Start payments?

We have a number of support options available for you and your family.

To learn more, visit our website - https://www.ird.govt.nz/situations/i-am-having-a-baby

Reducing the uncertainty: key ways your accountant can assist We're trading in uncertain times. But with careful planning, forecasting and strategic thinking, you can make the road ahead clearer. Find out how with our new series.

GST rules changed in April 2024 for short-stay accommodation providers using online marketplaces and apps.

More changes are coming, find out how they could affect you.

Visit – ird.govt.nz/sharing-economy