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IRD AIMs to please – next year

accelerateonline • Jul 21, 2017

AIMsA key principle of the tax system is taxpayers should pay tax as income is earned. That doesn’t work well for businesses with seasonal or volatile incomes, and is why the Government announced, early this year, a new method for paying provisional tax.

The Accounting Income Method (AIM)

More and more small and medium enterprises (SMEs) have digital accounting systems for better business decisions. Integration between accounting software and IRD’s systems and processes is happening.

SMEs use tools like these to track how their business is performing. This same information can, therefore, also be used to make provisional tax payments on an actual results basis.

Businesses make provisional tax payments in most cases six times a year at the same time as GST payments, or monthly for those who file GST returns each month. The payment is based on the results achieved in that tax year, matching payments to cash flows as closely as possible.

AIM will help new businesses pay tax only on results they achieve. The same goes for businesses with seasonal income – because tax payments adjust to the season, as well.

Accelerate December 2023

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Accelerate - December 2023

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Livestock Special Alert 2023

By accelerateonline • 12 Jun, 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.

Livestock Special Alert 2023: Dairy Cattle

By accelerateonline • 12 Jun, 2023
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.

Livestock Special Alert 2023: Beef

By accelerateonline • 12 Jun, 2023
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.

Livestock Special Alert 2023: Sheep

By accelerateonline • 12 Jun, 2023
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.

Livestock Special Alert 2023: Goats

By accelerateonline • 12 Jun, 2023
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.

Accelerate Budget Special Alert 2023

By accelerateonline • 21 May, 2023
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.

Tax

By accelerateonline • 21 May, 2023
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.

Infrastructure

By accelerateonline • 21 May, 2023
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
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