19th February, 2015
The Inland Revenue Department’s ‘business transformation’ programme is truly a once-in-a-generation technological shake-up that will have profound effects for tax agents, businesses and software vendors alike.
Streamlined communications and simplified processes will be the major benefits for businesses after the transformation is complete; while tax agents will have the opportunity to refine their service offering through improved data logging and sharing. In other words, finding new ways to offer client value with the time saved in data entry.
The Inland Revenue Department’s Briefing for the Incoming Minister of Revenue – 2014 (PDF) has this to say about the changes to come:
This transformation provides a huge opportunity to make tax more simple, more open and more certain, to enable Inland Revenue to be more agile, effective and efficient, enable customers to self-manage with speed and certainty, enable the Government to make timely policy changes, and help Inland Revenue to work with other agencies to optimise interaction across government.
So what are the questions that arise from this vision? What concerns should tax agents have?
Why not ask the IRD yourself at the MYOB Tax + Compliance Seminar in April?
The Inland Revenue Department is presenting its vision and latest progress at the MYOB Tax + Compliance Seminars at centres throughout New Zealand. The team will share more detail on plans to make it simpler for businesses and tax professionals to provide GST and payroll information to Inland Revenue. Importantly, there will be a forum to ask questions after the presentation.
And while the IRD’s presentation will be compelling viewing, there’s also much, much more on offer at the annual Tax + Compliance Seminars. This year there are two sessions available:
Tax and Compliance Seminar from 10am – 12pm
As you’re no doubt aware, financial reporting requirements are changing. The new Special Purpose reporting regime for companies comes into effect from 1st April 2014 onwards. You need to understand the implications for your small business clients. This session is important for anyone in your practice who needs to know about tax and compliance changes.
Compliance Training from 1pm – 3pm
This session is hands-on training as we show you how to practically implement the new Financial Reporting regime using MYOB package upgrades. Using our new financial report templates you’ll more easily comply with 31st March year-end rules. You’ll develop the skills to use these data and time-saving reports in your practice.
If you want to get a clearer view of how the tax changes will affect you and your clients, or want to hear more about the IRD’s business transformation plans, do get along a Tax + Compliance Seminar session near you. And if you can’t make it in person, there are also online seminars scheduled in late April / early May.
Visit myob.co.nz/2015tax to read more and reserve your seat.