Taxpayer friendly changes from 1 April 2017

On 1 April 2017 use-of-money interest will now cut in at an RIT of $60,000 up from $50,000. For those clients who use the standard uplift method to calculate their pay provisional tax, there will no longer be any UOMI for both P1 and P2. And the old safe-harbour rule goes beyond just individuals to include trusts, companies, and other non-individuals from 1 April.

We can now make botch ups of up to $1000 under the self-correction process for minor type errors, so that’s something!