Hello to all our Clients,
This is the last update from KTS for the year 2023.
We have seen many changes in this last year including of course a new Government which will no doubt ensure there are many more changes in 2024.
Our commitment is to work with and support our clients throughout all the changes and adjustments ahead.
We would also like to thank our valued Clients for their loyalty and support during 2023, we look forward to working with you all again in 2024.
This update:
This update includes closing and opening time for the holiday season, GST notifications and other important and hopefully interesting information.
We hope you find our update informative and useful, please contact us if you require any further information or just wish to talk over any of the issues raised.
Opening and closing hours for Christmas 2023
Closing for the year 2023
We close for Christmas at 12 noon on the 22nd December 2023
Opening for the year 2024
We open for the new year at 8.30am on the 8th January 2024.
GST and Provisional tax due early next year
GST
The next payment of GST is due on the 15th January 2024.
Due to the holiday break, we would appreciate it if Clients could get their records to us as soon as possible to enable our team to prepare your GST return before we close on the 22nd December.
2nd provisional tax for 2024
2nd Provisional tax is also due on the 15th January 2024.
If you are going to be away on holiday over this period, its a good idea to schedule these payments with IRD to avoid late payment.
A reminder about the KTS new bank account number
Thanks to all Clients who have made the changes to the new KTS bank account number.
There are still a number of Clients who still have not made the change – mostly those who are paying by internet banking.
You will need to go to your banking app, go to ‘Payees’ , find KTS Chartered accountants and change the details to the new bank account number.
The new bank account number is:
02-0152-0014946-000
New government set to introduce tax reforms
Given one of the National Party’s big campaign promises was tax cuts, we can safely assume the new government will follow through on its proposed reforms.
Any changes are unlikely to be before July 2024. So let’s look at the proposed new rates of income tax:
Trust tax rates to go to 39 percent?
A short while ago the top tax rate for both an individual and a family trust was 33 percent.
When this was increased to 39 percent for the individual, there was an obvious incentive to retain as much income in a trust as possible.
This led to the former government proposing an increase to 39 percent tax on trusts, effective from 1 April 2024.
At this stage the new government has made no comment regarding the previous government’s proposed 39% flat tax rate for trusts. The Bill covering this lapsed when Parliament recessed for the election
Claims for office equipment and telecoms
Are you looking to update your office equipment and telecommunications?
Inland Revenue will permit a maximum one-off claim of $400 for all purchases of office equipment and a further maximum of $400 for all telecommunications equipment.
Alternatively, there are reimbursement options available for office equipment.
No need for cards – go digital to pay
You’ve gone out and forgotten your payment cards. Unless you have cash, you’re stuck when you need to pay for something.
Fortunately, technology allows us to carry a digital wallet, which can contain all your cards – including loyalty cards – with your smartphone.
