Inland Revenue has sent out 40,000 letters and emails urging small and medium size businesses to look at using accounting software, so they can make the most of upcoming changes to the tax system.
IR Marketing Manager Katie Solomon says Inland Revenue is working with software providers to link accounting and payroll software products directly to IR’s processing systems.
“Our customers are doing more online and so it makes sense to provide a simpler, faster automated process for them to do their tax calculations’” said Ms Solomon.
“Many companies are already finding that accounting software can make record- keeping simpler, provide easy access to reporting information and help them to keep up-to-date.
“Some of the changes coming up next April – for example the new Accounting Income Method (AIM) for paying provisional tax – are available only to businesses which use software.”
Ms Solomon says anyone interested in the advantages of using business software should do some online research, contact the providers themselves or speak with a tax advisor.
“We suggest you shop around to find the best software for your business needs.”
To get the most out of software, businesses should also make sure they’re signed up for Inland Revenue’s myIR online services and that their business details are up to date.
Find out more at www.ird.govt.nz/software
Media contact: Baden Campbell 029 890 1674