Final date for ratio option provisional tax applications 31 March

If you want to use the ratio option to calculate your provisional tax and have a 31 March balance date you need to apply to us by the end of March.

Under the ratio option:

Each instalment of provisional tax is based on the earnings shown in your most recent GST return – so tax payments are made at the same time the business is earning its income.
GST returns must be filed every month or two months.
Provisional tax is paid six times a year instead of the normal three times.
You can avoid use-of-money interest charges on short-payments of provisional tax, provided you have paid correctly calculated instalments by the due date.
There are significant cash flow advantages, particularly to businesses with earnings that fluctuate over the course of the year.

Click here to find out more about the ratio option

Interested in Delegating the filing of your returns to Giles & Liew Chartered Accountants? Download our new client form here.
For guidance on collating your end of year information to send us, in order for us to prepare financial statements and tax returns, please fill out the appropriateEnd of Year Checklist.