If you’re a small business owner, you probably know how important and challenging it is to stay compliant with tax regulations.
Compliance is important to avoid fines, penalties, and any other legal consequences. But it’s also challenging because tax laws are constantly changing.
We’ve got 7 top tips on how best to stay compliant with changing tax laws and regulations. Let’s take a squiz.
How to Stay Compliant with Changing Tax Laws and Regulations – NZ Tax expert advice
01. Conduct regular reviews of tax laws
Tax law changes are constant and irregular, so it’s important to do routine revisions. Conducting monthly review sessions is ideal.
02. Maintain accurate tax records
Organised and updated tax records save time and effort, making it much easier to maintain accurate tax records.
03. File and report taxes on time
What is filing and reporting taxes? It’s the process of gathering, filing and submitting your tax information to the government. For income tax this is commonly done on an annual basis. For GST and other taxes you can decide on a frequency that is convenient to you.
04. Update your accounting software
Regularly update your accounting software to stay in touch with the latest standards and regulations that come with the newest versions of these applications.
05. Subscribe to government newsletters
Whenever there are tax law changes, the government will try to update you. So subscribe to the IRD’s newsletters or stay tuned for updates on their website.
06. Attend events and conferences
The tax institute of New Zealand hosts many events and conferences in New Zealand that you can attend if you wish to be further in touch with taxes.
07. Consult with a specialised NZ tax expert
Consult with an NZ tax expert or a tax services provider to find out more ways in which you can stay updated and compliant with tax laws and regulations.
Bonus Tip:
Alternatively, you can outsource your accounts and tax functions. Drop your email on the chat and we’ll send you our FREE Ebook on how outsourcing can actually save your business. Choice, isn’t it?
Tax accountant services in NZ with packages priced at affordable rates
Accountsdept can help you stay compliant with constantly changing tax laws. We’re among the best accounting services in NZ and we offer a range of packages priced at affordable rates. Our qualified experts can also guide you through many complicated tax concepts like NZ tax codes, NZ rental income tax, etc.
Interested? Drop us a message on the chat and we’ll take it from there.
