We previewed AIM (Accounting Income Method), the new way to manage provisional tax, in an earlier post. Now, the IRD have put together their own summary and handy little one-minute video to give a nice overview. They’re even calling AIM a “cash flow game-changer for small businesses”.
You can start using AIM in the current tax year if you have a standard 31 March balance date, but be quick:
- If you file GST every month, you will need to submit your first statement of activity by 28 May 2018.
- If you pay GST every 2 or 6 months, or if you’re not registered for GST, your first filing deadline for your statement of activity is 28 June 2018.