GRL September 2016 Newsletter
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Resigning as a Trustee of a Trust

Trustees are personally liable for the tax obligations of the trust.

If a trustee resigns as a trustee of a trust they must let the IRD know in writing, as soon as possible following the resignation, so that the IRD can update their records.

If a trustee resigns and doesn’t let the IRD know, they will recognize them as a trustee which makes them liable for any tax obligations of the trust. The IRD will continue to recognize them as a trustee until they have received the written notification.

For income tax and GST purposes, a trustee may be liable for any outstanding tax for the periods they were a trustee. This includes the period of time between their resignation and the time the IRD receive notification of the resignation. This liability continues until the debt is paid.

Audit Shield

Audit shield provides for the payment of professional fees, when audits, official enquiries, official reviews or official investigations of returns are initiated by the Inland Revenue Department or any government authority.

An “audit” is very broadly defined as any matter from a basic phone enquiry to a complete audit of a lodged return with the Inland Revenue, government authority; and extends to bringing in specialists e.g. Tax Lawyer if required.

No Excess

  • It provides a policy structure that allows extremely competitive rates
  • It can cover all your legal entities under one premium
  • It covers your returns retrospectively (so long as the notice of audit is first received from the Inland Revenue or government authority after the participation date specified in the policy)

The offer to join the Audit Shield Master Policy will be sent out formally in the last week of October 2016.

The policy will run annually from 30 November 2016 – 30 November 2017.

Missed First Provisional Tax Instalment

If you have missed your first provisional tax instalment which was due on the 28th August 2016, please be advised that you may receive a text from the IRD asking you to pay the missed instalment.

If this is the case, please contact us as we can assist with discussions around setting up a payment plan or to re-estimate your provisional tax if appropriate.

Software Consultancy, Implementation & Training

Gardiner Reaney recognises that the accounting industry is now evolving and clients need up-to-date advice from their accountants, rather than just looking at past numbers. Our in-house accounting software specialist, Talia Smith, has over 15 years experience in the accounting industry so she understands what a business needs to get out of their software.

Talia has a thorough understanding of all of the cloud-based accounting software options that can help grow your business and make running it easier for you.

Talia is available for an initial free consultation to discuss your business and what software will suit your needs. She can also provide training and setup of Xero and MYOB, and can also implement new software and provide on-going support.

Timely Reminders

Tax Type

Who / What

When it's due


Large employers return and payment

5 October
7 November (as 5th falls on a weekend)

Large and small employers return and payment

20 October
21 November (as 20th falls on a weekend)


Return and payment

28 September
28 October
28 November


Quarterly return and payment (if you pay it quarterly)

20 October

Return and payment (if you pay it on an income year basis under the close company option) and you have an October balance date

7 November

Provisional and Terminal Tax

I pay provisional tax…

I pay provisional tax…

So my provisional tax is due next…

2 monthly
(6 times a year)

February, April, June, August, October or December
January, March, May, July, September or November

28 September AND 28 November
28 October

4 monthly
(3 times a year)

April, August or December
January, May or September
February, June or October

28 September
28 October
28 November

6 monthly
(twice a year)

February or August
March or September
April or October

28 September
28 October
28 November

Terminal tax


Terminal tax payment due 7 November

Note: these dates apply to those clients for whom we prepare tax returns. Different dates will apply for those clients for whom we don’t prepare returns. Please ask us if you’d like more information.

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Maritime House
3 Byron Street
Napier, HB 4140
New Zealand

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Gardiner Reaney Limited · Maritime House · 3 Byron Street · Napier, HB 4140 · New Zealand

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