Kendons Update March 2019
In this issue
Information regarding the changes to the Annual Questionnaires
Ring Fencing of Losses and what this might mean for you
IRD services temporarily unavailable
Kendons closure dates for April 2019
Changes to our Annual Questionnaires process
These last few months we have been working to develop a new and improved system for gathering your annual information.
Shortly we will be sending out our regular year end email regarding your 2019 accounts and when we have your work scheduled however this time it is for information purposes only.
A month prior to your work being scheduled to begin, you will receive an email with a link to the Kendons 2019 electronic questionnaire. There are approximately six fields to complete then on the completion with your digital signature this document will be automatically sent back to us. This means no printing and scanning back to us. Couldn't be easier!
Once we start working on your annual accounts you will receive an email from us asking you to answer questions and provide documents. The questions will be tailored specifically for you, your business and/or trust activities. Don't panic - closer to the time we will send you a step by step guide.
We believe we have thought of every possibility however with all things new, especially technology, we expect that the unknown may occur. Please have patience with us while we iron out any glitches. It is our wish to find time effective solutions to make your lives easier.
Proposed Tax Changes
An issues paper has been released by Inland Revenue proposing changes to the tax regime for investment properties. Inland Revenue is proposing that the new rules will apply from the 2019/2020 tax year and will mean that investors will no longer be able to offset losses on property investments against their other income. It's not yet clear whether the new rules will be applied in their entirety from 1 April 2019 as Inland Revenue have indicated that it may be possible to phase the rules in over a two or three year period (by gradually reducing the amount of losses that can be applied against other income). However, the IRD appears to favour applying the rules in their entirety from 1 April 2019. At the date of this newsletter, these changes have not been legislated.
Please contact the team at Kendons if you have any questions relating to how this may affect you.
IRD Services will be temporarily unavailable
As many of you will be aware IRD is making some major changes to their website. To make these changes their key services will be unavailable between 3pm, Thursday 18 April and 8am, Friday 26 April 2019. During this time you will not be able to access myIR, or contact them through their contact centres. Their offices will also be closed.
This temporary close down will also mean that you will not be able to file your Employer Schedules on the 20th using myIR – please either file the schedule before 18th April or file it on Friday 26th. The IRD will not charge any penalties for the schedules filed on the 26th. Payments can be made via internet banking.
April is going to be a short month!
This year Easter and ANZAC day occur in the same week. Kendons will be closed for the full week – gifting our fabulous team extra days off to enjoy a long break. We will be closed from 5.00pm Thursday 18th April 2019 and re-open 8.00am Monday 29th April 2019.
For key tax dates for April 2019 click on the below
www.accounting.co.nz