December 2023 Business Update
Upcoming Taxation Due Dates
15/1/2024 - Second 2024 provisional tax instalment (for most March balance date taxpayers)
15/1/2024 – November 2023 GST
22/1/2024 – December 2023 PAYE
29/1/2024 – December 2023 GST (for even monthly filers)
You will have recently received an email from us with details of any 2024 provisional tax due.
Please contact us if you have any questions about these payments.
Holiday Business Closure
Our office will be closed from Friday 22 December and reopening Monday 8 January 2024.
The team at Hunter McLeod wish you and your families a very Merry Christmas and a prosperous New Year.
Inland Revenue Holiday office Hours
The Inland Revenue Department’s offices will close from Friday 22 December 2023 and will reopen Wednesday 3 January 2024. Over this period, you can still access myIR and IRD website at any time.
IRD Contact Numbers:
Self-service: 0800 257 777
General Enquires & Tax - Personal: 0800 775 247
General Enquires & Tax - Business: 0800 377 774
Working for Families: 0800 227 773
For additional details regarding IRD's contact information, please click here.
Proposed Government Policy Changes
The newly established coalition government of National, Act and NZ First has proposed various policy adjustments that will likely impact your business and tax matters.
These proposed changes include:
Tax cuts due to changes in income tax brackets.
Removal of the "Ute Tax" and Clean Car Discount from 31 December 2023.
90-day employment trial periods will be expanded to all businesses.
Brightline property rule on residential rental properties will be deceased from ten years to two years.
Phase interest deductibility back in for residential rentals over the 2024 – 2026 tax years.
The above may undergo further changes.
Please see the links below for further details on these proposed changes.
Entertainment and Christmas Party Expenses
You may have claimed or are planning on claiming entertainment and Christmas party expenses during this festive season.
Expenditure on food and drink provided to employees at Christmas functions and/or gifts of food and drink may fall under the entertainment rules and maybe limited to a 50% claim in certain circumstances.
Examples of Christmas party events that fall under the category of entertainment expenses may include:
Expenditure on food and drinks for staff or clients outside the office, such as at a restaurant.
Costs associated with food and drinks for staff or clients within the business premises, excluding light refreshments usually categorised as staff expenses.
Venue rental expenses for the Christmas party.
Expenditure related to catering and drinks for the Christmas party.
Travel expenses to and from the Christmas party.
Important Reminder: When reconciling entertainment expenses, provide a detailed narration and upload relevant invoices/receipts behind the payments.
Please see the links below for more information and examples on entertainment expenses.