2008 media releases
Inland Revenue proposes changes to company tax return
18 July 2008
Inland Revenue is seeking public feedback on proposed changes to the company end-of-year income tax return.
A consultation document was released today, which includes proposals to rationalise various end-of-year tax forms into a single form, tailor reporting requirements for different-sized companies, and move to compulsory electronic filing of returns.
"These proposals could significantly reduce the cost and complexity of filing tax returns for most companies," said Inland Revenue Group Manager Assurance, Martin Scott.
"Smaller companies will be required to provide us with significantly less end-of-year financial information than currently is the case.
"On the other hand some large companies - which contribute a substantial proportion of New Zealand?s tax revenue - will need to provide us with slightly more information, to enhance our ability to administer the tax system and advise the government on tax policy. The changes reflect international best practice."
Mr Scott said Inland Revenue will work closely with large companies and their representatives to further develop proposals.
"Overall, it's a more tailored approach, which ensures we have the information we need while reducing unnecessary compliance costs."
The document includes proposals to:
- rationalise the income tax forms businesses are required to complete, including the company income tax return (IR4), annual imputation return (IR4J), accounts information (IR10) and other related forms and disclosures
- tailor information requirements for different-sized companies
- rely more on financial information compiled by companies for financial reporting purposes
- enhance electronic filing systems to reduce common errors.
Mr Scott said he encouraged companies of all sizes to share their views, and work through any practical implementation issues with Inland Revenue.
Submissions on the proposed changes must be received by 30 September 2008. The consultation document can be found on our website.
.For further information:
Adrienne Perry
(04) 890 1698
(029) 890 1698
adrienne.perry@ird.govt.nz
Other media releases this year
- Employers reminded about new tax rates
- Former Inland Revenue employee pleads guilty to corruption
- Sentencing strong message for contractors
- Accountant jailed for defrauding clients and Inland Revenue
- Inland Revenue pilots callback system to help customers
- Agricultural contractor sentenced
- Jail for horticultural student
- Tax fraud results in jail term
- Thousands apply for student loan amnesty
- Early Working for Families Tax Credits payments
- Inland Revenue wins People's Choice NetGuide web award for second time
- Waikato couple sentenced for tax evasion
- Inland Revenue warns about income diversion
- Report of investigation of an error in tax revenue numbers
- Tax credits for people made redundant
- R&D tax credit goes live
- Student Loan amnesty - last chance to apply
- Revised financial statements
- Tax advice for investors in failed finance companies
- Tax advice for property investors
- Provisional tax gets easier
- Early Working for Families Tax Credits payments
- IRD numbers about to get longer
- Tax authorities work together to stop international tax evasion
- Inland Revenue helps drought-affected farmers
- IRD numbers available at NZ Post and AA
- Inland Revenue warns against divulging personal details
- Second jail term for major tax scam
- Welcome surprise for owners of forgotten money
- End-of-year tax date fast approaching
- Time running out for student loan amnesty
Corporate Communications
Inland Revenue
For all media enquiries phone: 04 890 1698
For general communications enquiries
Phone: (04) 890 1936
Email: corpcomm@ird.govt.nz
Fax: (04) 498 5809
P O Box 2198
12-22 Hawkestone Street
Wellington
New Zealand
Date published: 18 Jul 2008
Back to top
