KPMG tax planner for short year

KPMG personal services division has launched its personal tax planner for 2001. The planner is designed to help individuals with a review of financial and tax affairs for the remainder of the tax year, which is shorter than normal due to the changeover to a calendar tax year from January 1st, 2002.

To facilitate the change, the short tax year runs from April 6th, 2001 to December 31st, 2001. KPMG's booklet highlights issues taxpayers have to contend with as a result of the shorter tax year and important dates to remember, including the fact that preliminary income tax for the short 2001 tax year is payable by October 31st, 2001.

It also contains information on the introduction of the new pay and file system. Under this system, by October 31st, taxpayers must pay preliminary income for that tax year, file their tax return for the previous tax year, pay the balance of income tax for the previous tax year and pay capital gains tax for the previous tax year.