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Reporting requirements would change

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Information could be reported on a period-by-period basis or on a year-to-date basis.

  • A period-by-period basis would mean that each period an amount would be added, or potentially subtracted if there had been a correction, to the pre-populated amount in the recipient’s tax records.
  • A year-to-date basis would enable the pre-populated information to be replaced as each new set of information is transferred to Inland Revenue.

Only one option will be made available to avoid confusion and unnecessary complications, so feedback is sought on payers’ preference.

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