Blog
The importance of paying tax on time
The following article featured in the news recently http://www.stuff.co.nz/business/80456776/it-contractor-megan-mary-osullivans-unpaid-tax-bill-topped-500000. The “head in the sand” approach to paying tax led to a massive tax bill for the taxpayer. Points to note from this case are:
- If you intend to be self-employed, or set up a company or trust structure for business you need to be putting money aside for your taxes as soon as you start deriving income.
- Good advice is important. If the taxpayer in this case had sought professional advice she would have been aware of amounts and dates for filing her taxes.
Compliance is important. Here at Skipper Lay we are compliance experts.