Day 12: I can’t believe that we’re almost half way though the initial lockdown period.  We have been extremely busy keeping up with the announcements & changes in the business sector.  The new & probable cases news over the last few days has been promising, and I’m now quietly hopeful we may be allowed out after the 4 week period. 

In the meantime, we are all operating well from our own home offices, meeting each day for a coffee, and catching up on who’s doing what.  We’re all looking forward to the Easter break, when we’ll get a few days to relax in our bubbles.

We hope you’re doing ok, and that you’ve enjoyed some downtime, as well as spending some valuable time future planning for your business. Follow this link for information on how to prepare your Business Continuity Plan

IRD Shutdown

From 3pm on Thursday 9th April (this Thursday), the IRD will shut down to upgrade their myIR systems.  Changes will be made within myIR to Student Loans, & Kiwisaver.  The IRD will reopen again at 8am on Thursday 16th April.  During the 8 day shutdown, myIR online services will be unavailable, and the IRD offices and phone lines will be closed. 

GST Returns – must still be filed

If you’re GST registered, we suggest you prepare & file your GST Returns before the shut down.  You may be eligible for a GST refund.  If this is the case, file your Return as soon as possible.  If we prepare & file your GST Return, please make sure all your coding in Xero is up to date.  We will endeavour to file it before 3pm on Thursday.

Paying GST:  If you’re unable to pay your GST due to the effects of the COVID19 virus, the IRD has the discretion to waive interest and penalties on late paid GST.  Let us know if you’re unable to make the payment on the due date (7thMay), and we will contact the IRD on your behalf.

AIM Returns – must still be filed

If you opted into the AIM regime in the 2020 financial year, the final return must be filed by 7th May.  We will be filing the returns prior to the due date.  If you’re in a taxpaying situation, and you’re unable to pay, we will advise the IRD on your behalf. 

2020 Annual Accounts

We will begin sending out “Workpaper Queries” for your end of year accounts over the next few weeks.  Information we’ll be asking for:

  • Bank Statements & RWT Certificates (can be downloaded from online banking website & saved into Files in Xero);
  • Investment information: Tax Reports from Investment Advisers, and all dividend statements (we’ll need the latter only if you haven’t been providing them to us as you’ve received them during the year);
  • A list of Debtors (customers who owe your business for goods or services) at 31st March 2020.  If you are using Xero to invoice your customers, check your Aged Receivable Report to ensure the information in Xero is correct;
  • A list of Creditors (suppliers your business owes for goods or services) at the 31st March 2020, including the suppliers name, amount owed, and details of purchase;
  • All information & documents relating to overseas investments and funds ie bank statements, pension statements, inheritances received;
  • A list of your Stock on Hand if your business has stock in excess of $10,000 on 31st March 2020;
  • Donations receipts

Please save all the above information either in Xero files, or in electronic files ready for attaching to the Workpaper queries we send to you.

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