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Tax Alert - December 2013


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Tax AlertTax Alert is a monthly publication that keeps you up to date with the latest developments in tax. The alert is compiled by our national tax specialists who are continually monitoring the outlook for new tax developments and analysing the implications for our clients.

Inland Revenue proposal for minimum financial reporting requirements for SMEs: What does it mean for taxpayers?

The amendments contained in the Financial Reporting Act 2013 will eliminate the need for many small-to-medium enterprises (SMEs) to prepare general-purpose financial statements.  Commerce Minister Craig Foss commented that the changes lift the financial reporting burden from many companies, allowing them to “focus their time and energy on growing their businesses, innovating and creating jobs”.  

Instead of preparing general-purpose financial statements, SMEs will be required to prepare special-purpose financial statements to the minimum requirements specified by Inland Revenue. The idea is that this will result in lower compliance costs for most New Zealand SMEs.  However, the Inland Revenue’s proposal includes some information requirements that will actually increase compliance costs for some SMEs.  

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