Aim Provisional Tax
This is a ‘cash flow’ game changer for paying Provisional Tax and is aimed at making the payments more accurate i.e. if you don’t make a profit you won’t need to pay provisional tax.
This is available to tax payers that:
Are using an AIM-capable software system like XERO or MYOB
Anyone with less than a $5m turnover, with some exceptions
Have not been excluded from using AIM.
With the AIM Tax Method you pay provisional tax two-monthly, in time with your GST & it is worked out on the taxable profit for that 2-monthly period, therefore providing a more accurate result.
For those with a March Balance Date, if you opt in for the start of the financial year starting 01st April:
It just means you are committed to the scheme for the full year.
First AIM payment 28th June.
This eliminates the 3 sporadic Provisional Tax payments throughout the year & your wash up of terminal should be minimal.
If you feel you would like to move to the AIM Tax Method please contact us now.