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Business Integration

Do you want your software to help with tax?

Currently, accounting software holds most of the profit and loss and balance sheet information necessary for calculating tax payments. However, tax adjustments are typically calculated at the end of the financial year by a tax advisor.  This proposal offers the opportunity for software providers to include income tax information within software. This means businesses will be able to enter their tax adjustments throughout the year and tax advisors will be able to review them if necessary. This will provide businesses with better visibility of their tax liability during the year.

Would the addition of tax functionality make you more inclined to use an accounting software package?

Comments

Bruce Angus
I think aim could certainly help my business out, in fact my main comment (like 1000s of others) would be not before time, prov tax system is totally unfair to the self employed as it stands.

Do you agree with this comment?

  • agree10
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3 months ago
kelly
Yes I would like accounting software to include tax calculation. I think Xero currently does this but I haven't tried it yet

Do you agree with this comment?

  • agree12
  • disagree5
3 months ago
Janine Clemons
yes

Do you agree with this comment?

  • agree3
  • disagree2
2 months ago
Jane Fitzgerald
Yes I think AIM could assist our business with tax calculations

Do you agree with this comment?

  • agree6
  • disagree3
2 months ago
Chris
Don't mind. Should have option of paying based on provisional books during the year without depreciation etc and then do an adjustment in the final payment once the annual books are done & depreciation etc done. Really do not want to have to do monthly depreciation

Do you agree with this comment?

  • agree5
  • disagree2
2 months ago
Karen Morrison
Xero can help with calculations but more importantly maybe its time our accountants pull thumb! Online software such as Xero has certainly made their jobs easier

Do you agree with this comment?

  • agree1
  • disagree3
2 months ago
Bruce Miller
Why not? If my accountant has access to the software as well, then I see no reason not to.

Do you agree with this comment?

  • agree2
  • disagree2
2 months ago
John Gilding
I use Xero accounting. If it can calculate my tax I would be happy to pay my Prov Tax more frequently

Do you agree with this comment?

  • agree3
  • disagree4
2 months ago
Susan
It depends on how xero etc send info to ird. Most businesses break out expenses which then is lumped together other than a few items when transmitted to ird

Do you agree with this comment?

  • agree3
  • disagree4
2 months ago
Andrew O'D...
We run Quick books and we input all accounting information every month. We do this as a matter of curse for GST payments bi monthly so calculation Provisional tax payments on the proposed AIM basis would not create any extra work for us.

Do you agree with this comment?

  • agree5
  • disagree2
2 months ago
Alan Thomson
Why the focus on forcing SMEs into using accounting packages

Do you agree with this comment?

  • agree3
  • disagree2
2 months ago
Ralph Winmill
I believe that my accounting package can cater for the changes proposed.

Do you agree with this comment?

  • agree3
  • disagree2
2 months ago
Evan Paterson
I use the MYOB program and as long as it works with that I am OK to go with the new plan

Do you agree with this comment?

  • agree2
  • disagree2
2 months ago
Sandra Kraakman
No - I have been trying to simplify things - this would just mean many more hours sitting at a computer when there are many other things requiring my attention. We employ an accountant for all this.

Do you agree with this comment?

  • agree4
  • disagree2
2 months ago
M R David
Yes I do

Do you agree with this comment?

  • agree1
  • disagree2
2 months ago
Michelle
Would be much better to pay more regularly and then if I have uneven income it will be easier. if my accountant and software package can manage this then so much the better.

Do you agree with this comment?

  • agree2
  • disagree2
2 months ago
Jason Price
As posted in other question responses, do not restrict small business to just specific software packages by making it mandatory to use only some providers. Any qualifying package that can calculate the required amounts (online or offline) should be acceptable, if the amount can be correctly filed. This process should not be used by IRD to steer providers to a particular software package, such as Xero or MYOB only. There are many reasons why some businesses have invested in other packages that are not cloud based (including shocking rural broadband access for one, cost for another, data ownership and integrity for a third)

Do you agree with this comment?

  • agree3
  • disagree2
2 months ago
PJK
Accounting software would be an extra cost - but if it streamlined Tax payments then that might be a useful trade off. As it is we always seem to need to be several thousand dollars overpaid at IRD in order to avoid "surprise" tax bills. The biggest issue is that I've yet to find an accounting program that suits all our needs AND is easy to use. As a small software / marketing group I don't need PAYE, Stock control or invoices in NZD, but I do need client payment records, foreign exchange data etc, and a couple of other obscure things that I've built spreadsheet pages for. eg. This month we are having to deal with bitcoins as payment sources - and international exchange costs for bring them back to NZ currency - XERO? MYOB? Any help? Nope - just blank looks all around when I ask their accredited accountants. Out comes the spreadsheet.

Do you agree with this comment?

  • agree2
  • disagree4
2 months ago
stephanie
No. Our accountant does this

Do you agree with this comment?

  • agree2
  • disagree3
1 month ago
Steve
YES !!

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  • agree2
  • disagree2
1 month ago
Paul Clymer
No, it is easier for me to calculate at the end of the year, especially as overheads are low.

Do you agree with this comment?

  • agree2
  • disagree3
1 month ago
Victoria
Yes ofcourse - the software already works out my GST so it makes sense for it to do the income tax as well. Paying it more regularly as per GST would be so much easier. I use Rightway and Xero and this would make everything more streamlined for both Rightway and myself.

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
Noel Stephen Flay
AIM would be great for my sole trader consulting business. Paying as I earn would be the best solution to assist with taxes. Currently I estimate what the tax will be on a monthly basis from the income paid to me and put this amount aside. It would be easier to just pay the amount at the end of the month to the IRD.

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
Tessa Curach
Yes I would.

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
Jason Ahern
A big fat YES! Anything that helps alleviate the pressure of EOFY tax payments and provisional requirements.

Do you agree with this comment?

  • agree2
  • disagree3
1 month ago
Kevin Fellows
No, my business is tiny, and accounting software is a cost I can manage without. Excel serves me fine.

Do you agree with this comment?

  • agree2
  • disagree2
1 month ago
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