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Budget 2024: The Government has announced FamilyBoost, a proposed new childcare payment to help eligible families with the rising costs of Early Childhood Education (ECE). Find out more: Beehive.govt.nz

Provisional tax customers using the standard option no longer need to change to the estimation option to pay a lower amount at their final instalment date if:

  • they expect to have Residual Income Tax (RIT) less than what was assessed using the standard option
  • their RIT will be more than $60,000
  • they have paid all previous provisional tax instalments for the year.
  • If you have clients with an expected RIT less than what was assessed for the year and choose to pay a lower amount, please send us a message in myIR so we can update their account. This will stop the sending of letters requesting repayment as well as credits being transferred to the final provisional tax instalment.

    Information about this change is in the Tax Information Bulletin, Volume 32, Number 4, May 2020 (starting on page 53).

    TIB - May 2020

    Last updated: 13 Jun 2023
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