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AIM in a nutshell
Calculating and paying provisional tax has been one of the most difficult areas of compliance because it relies on estimations based on your previous earnings. Pay too little and you get penalised, or you could pay too much depending on the year you’ve had. That’s not a great way of doing things.
What if you could calculate your provisional tax based on what you actually earned in a given period? That’s what AIM (Accounting Income Method) is all about.
AIM is the new ‘pay as you go’ option that offers better accuracy because all provisional tax calculations are done from within your MYOB software, based on your earnings for the period.
This means AIM is perfect for new businesses, or businesses with seasonal or fluctuating income because the tax payments will adjust with your earnings. But really, AIM is great for any business looking to take the guesswork out of provisional tax and reduce those pesky compliance costs.
It’s important to note that AIM is the fourth option for calculating and submitting provisional tax and doesn’t replace the existing methods (standard uplift, estimate and GST ratio).
We have heaps more AIM information (including eligibility criteria) on the MYOB Essentials online help.
Sounds great! Where do I start?
As with most big business decisions, it’s best to check in with your accountant or advisor to see if AIM is right for your business.
Given the green light? There’s no need to enrol or register to use AIM. You just need to set up AIM in MYOB Essentials by mapping each account in your ledger to the AIM statement of activity (the form you file to Inland Revenue each period).
This is done by accessing the AIM settings page within the GST & provisional tax filing report.
After you’ve finished mapping your accounts, you’re all set to file your first AIM statement of activity!
Check out the MYOB Essentials online help for more information on mapping your accounts and filing the statement of activity.
