June 20, 2023

December update

from the Tael Solutions Team

Christmas Shut Down 2022

We want to wish all our clients a very merry and wonderful holiday season.

Our last day working will be Friday the 23rd December.

We will open again on Monday the 23rd January 2023.

Due to the Christmas closure, all two monthly GST returns for the period October/November 2022 will need to be completed before we close on the 23rd December.

This means we will require your information by the very latest Wednesday 7th December by 9am, so we have time to process and complete all GST Returns.

GST payments are due on the 15th January 2023.

The second instalment of Provisional Tax (2 monthly GSTs and no GST) is also due on the 15th January 2023 therefore, we will be advising all of our provisional tax clients about this payment prior to our office shut down on the 23rd December.

If you complete your own GST returns but would like us to review your trading to date to advise on your provisional tax position, please contact us before the 9th of December so we can review this for you.

Important Tax Dates

Upcoming Tax Dates:

15 January 2023 – The second instalment for 2023 Provisional Tax and October/November GST payments are due.

7 April 2023 – 2022 Terminal Tax is due for payment


Use of money interest rates:On 30 August 2022, the interest rate on overpaid (credit interest) and underpaid (debit interest) tax changed to the following:

  • debit interest - 7.96% (up from 7.28%)
  • credit interest - 1.22% (up from 0%)

FBT rate for low interest loans to increase from 1 January:

The FBT rate for low interest loans will be increasing from 4.78% to 6.71% from 1 January 2023. This increase will impact both on low or no interest loans provided to employees as well as loans from companies to their shareholders and associates of their shareholders.

If you have any questions or concerns for us, please don’t hesitate to get in touch with us.



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