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Important Reminders to Clients: April 2009

AUTHOR: John Rowe

POSTED: 22 April 2009

In this post for April, you'll find two very important reminders to help you to manage your finances and affairs more effectively.

Provisional Tax: 3rd Instalment of 2009

The last instalment of 2009 provisional tax is due 7 May 2009. This payment covers expected tax for the year 1 April 2008 to 31 March 2009.

Provisional tax is a way of paying income tax as the income is received through the year. You pay instalments towards your final taxation liability based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill at the end of the year.

If we have discussed provisional tax, or you have advised us that you expect to have tax to pay for the above year, we would have already sent you a payment slip detailing the calculation and amount payable for you and any person/entity associated with you. Please note that if you do not agree with any of the amounts, or circumstances have changed, please contact us urgently.

If we have not sent you a payment slip, you have either advised us that no taxation is payable, or our records show no payment is due. However, if your circumstances have changed or if you or anyone entity associated with you expects to have to pay Inland Revenue more than $2,500 based on profits earned between 1 April 2008 and 31 March 2009, please contact us urgently.

Payment Due

As all payments are due before 7 May 2009, we recommend you send your post dated cheque(s) together with the payment slip(s) to the Inland Revenue at PO Box 1454 Hamilton now. Alternatively, payments can be made on line or at any Westpac Bank.

The Inland Revenue will charge penalties and use of money interest on late or under payments. Currently use of money interest is charged at 9.73% on shortfalls and paid at 4.23% on overpayments.

If you do not have sufficient funds to pay the instalment by the due date please contact us, as there are repayment/instalment options available that will minimise penalties and interest.

Finally, do not hesitate to get in touch if you have any questions. We are here to help.

Your Financial Statements - Please Answer Queries!

For the majority of our clients the 2009 financial year has concluded and we are busy preparing financial statements and taxation returns.

In order to complete your affairs as efficiently as possible we need your help! We ask that you answer any queries raised and provide additional information within 48 hours of request. This will stop the accountant assigned to your file having to re-familiarise themselves with your file and help to minimise your fees.

Please appreciate that that if there are delays resolving queries because we do not have information requested, this can cause delays and expense to you.

To get assistance completing your Annual Questionnaire, please contact us.

Request a Meeting

John Rowe
Director
Business Accounting Services

09 522-7955

[email protected]

© Gilligan Rowe & Associates LP

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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.

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Hi Salesh, I just wanted to send you an email on behalf of GRA to say how fantastic we have found your company to date. As you know, Ben and I joined GRA a couple of months ago and have just found you so amazingly helpful in getting our new property set up correctly and sorted out. We have what I would consider a rather complicated structure as a result and it’s a fantastic feeling to know that we are getting everything done in the best way possible. We have just had approval to put a minor dwelling on the property which will make a massive difference in terms of cash flow and obviously value, something we would never have even thought of without GRA and which we are very excited about. During the buying process we attended a seminar with Matthew and from the outset thought he was fab. We therein signed up for property school and found this nothing short of fantastic. The content was relevant, up to date and comprehensive, but more importantly it was taught in a way that we could actually understand and really get value out of. I wanted to mention also, that everybody GRA have recommended to us has been just so efficient and absolute masters at what they do. A wonderful network of people that we feel very lucky to now be able to call on. From Kris Pederson and Bryan Rist who put our mortgage together to the insurance guys they then referred us to, I’m super impressed. Within GRA, Ellery has probably turned things around for us faster than I’ve ever known before, something which we appreciated so very much when it came to crunch time. She’s always a pleasure to deal with and again, we’re stoked. We’ve just settled on the property today and are about to go and get the keys. I’m pretty pumped and hence this email is probably rather excitable. So, a massive thank you to you Salesh, the partners for such a fabulous 6 weeks at property school and everyone at GRA for their help. May this be the start of our property empire. Thanks again, - A & B - July 2015

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