And A Merry Christmas To You Dr Cullen!

4 December 2003

Media release

And A Merry Christmas To You Dr Cullen!

The announcement by Finance Minister Dr Cullen giving businesses compliance cost relief to send mail ''free post'' to Inland Revenue has prompted businesses large and small to get out their calculators to check out the benefits.

Notes Michael Barnett, Auckland Chamber of Commerce CEO:

- For a large business, for the sake of the exercise let’s say with 26 PAYE payments, 6 GST payments and 4 FBT payments per year, that's a saving of $14.40 per year.

- For a small business, with 2 GST, 12 PAYE and 4 FBT payments, it's a saving of $7.20.

Both will benefit further! GST is of course reclaimable so the net saving is $12.80 per year for larger businesses and $6.40 for smaller businesses.

“Ummm....Merry Christmas Dr Cullen!”

ENDS

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