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Would companies have difficulties providing detailed information to Inland Revenue? If so, how could this be made easier?

Would companies have difficulties providing detailed information to Inland Revenue?  If so, how could this be made easier?

Comments

Mark S
An area for further thought is with company dividends paid out via trusts - and especially Energy Comsumer Trusts (in Auckland last year, the AECT sent out 330,000 payments!). But to make distributions, the Trustees have to obtain details of customers from power retailers. It is unlikely that the retailers would have IRD number details for every customer and so this would be a compliance nightmare. How many ECTs are there up and down the country? Half the population could be affected here. Is the answer to exempt such distributions?

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1 month ago
Jason Hoseason
The requirements should only apply to large publicly listed companies and issuers of shares for investment purposes, not to closely held private companies.

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1 month ago
Ross
As a Director of a small private company I would welcome the facility to file Interest RWT details regularly online, or when paid. The present IR 15 process is cumbersome and antiquated. Hopefully this would remove the need far an Annual Reconciliation, similar to the way PAYE works now.

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1 month ago
Kevin Elliott
Well no more than in providing details of interest , RWT as we have to now. But isn't it a bit ironic when the stated aim is to reduce compliance costs that the first thing I read ie this proposal actually proposes to increase compliance costs for businesses in favour of individual taxpayers who receive dividends?

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1 month ago
michael
We already provide gst returns and employer deductions. By combining or adding to these two returns we could have a simply way of paying a more fair provisional tax. a end of year return would still be required as a wash up. These forms are online. modifications to these forms wouldn't involve any additional cost to small business and hopefully a reduced work load for IRD allowing more tax for the government needs

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1 month ago
Rob
The discussion document notes the compliance savings for recipients in not having to keep / find / collate multiple statements to prepare their returns. I think the compliance burden on investors is overstated - it's really not that difficult! However, how about Inland Revenue create a way for people to upload their shareholder dividend / interest statements into myIR as they are received (e.g. by taking a photo of the document on their phone & sending it to a designated email address - this is how we deal with tax invoices for expense claims at our workplace, it works a treat)

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1 month ago
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