Provisional tax payment due dates have changed. Your new provisional tax due dates will depend on your balance date, the option you use to calculate your provisional tax payments, and your GST filing frequency.
Just call us and we will help you cope with the changes
Provisional tax – the ratio option
We will be happy to help you understand if paying Provisional Tax based on GST taxable supplies is an option for you. This can assist you with cash flow that may be irregular.
Talk to us about whether the Ratio Option is right for you.
Selling an Asset
The tax treatment when selling an asset can be confusing too.
When is GST payable?
When do I account for the value of the sale?
Are sale proceeds income and are they taxable?
We can help with this too.
Provisional tax payment frequency
The number of provisional tax payments required for the year may change, depending on the option used to calculate provisional tax payments and GST filing frequency. Again this may help with your cash flow and again Searells can help elect the right option for you.
New provisional tax due dates if you pay provisional tax and are GST registered
For those with a 31 March balance date, there are the new provisional tax due dates. If you are unsure of them, talk with us or contact us here
Terminal tax dates
Terminal tax payment dates remain as they are now, that is, for taxpayers on an agent’s list with an extension of time, this is 7 April in each year. For others, it is 7 February.
If you are GST registered, and consider that the ratio option will suit you but are returning GST six monthly at present, you will need to change to one or two monthly GST return periods before April in the year of change.
