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Why Raquel recommends AIM to her clients More information

 

Audio and visual transcript

Visual

The video shows a series of scenes of Raquel at her workplace, working on a computer, making a hot drink, helping clients with paper and electronic files, and talking on the phone.

The video ends with the following information displayed:

  • Considering AIM?
  • Find out if AIM is right for you at ird.govt.nz/AIM

Audio

Music

Easy listening style music plays through the entire video.

Narrator – Raquel Withers

Hi, my name’s Raquel, I’m an accountant from, Balance my books, based here in Auckland.

AIM is an alternative provisional tax option, it stands for accounting income method and is available through accounting software.

I highly recommend it for all my eligible clients, who have a turnover of less than 5 million, and are not a partnership or a trust.

AIM is all about certainty for my clients. They love to know that their provisional tax is all paid up to date, and accurate, and they like to know that they don’t have a big tax bill looming.

AIM enables you to pay your provisional tax as you go. Tt’s really great for seasonal workers, or if you have irregular income.

The reason I recommend it to my clients, is because it’s based on your actual income as apposed to your prior year income. For example, if you make a profit in April and May, you’ll pay your provisional tax in June, but if you make a loss in June and July, you’ll get a refund back straight away.

If you are an existing business, you can opt-in from the first of April 2019.

If you like certainty then AIM is a great idea.