AIM PROVISIONAL TAX

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.

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