Businesses choosing to use AIM will make more frequent provisional tax payments based on their actual current earnings rather than calculations on last year's income. This makes AIM a great 'pay as you go' option for growing businesses or businesses with fluctuating, seasonal income.
When it comes time to pay provisional tax, MYOB will use AIM to calculate what you owe straight from your chart of accounts and gather the info into your statement of activity. This is then sent to Inland Revenue.
Note that a statement of activity isn't an income tax return and isn't processed as one. This means if you make a mistake you can simply fix it in the next statement.
You first need to check that your business is eligible to use AIM. See the table below for the AIM requirements. If you have any questions, please see the Inland Revenue website or speak with your accountant.
have turnover under $5 million, and
You can use AIM
opt in before your first provisional tax date for the year
have investments in foreign investment funds (FIF) or controlled foreign companies (CFC) for the income year, or
Sorry, you can't use AIM
are in a transitional year (a year in which you've changed your balance date), or
are any of the following: partnership trust Māori authority superannuation fund portfolio investment entity (PIE)
Setting up AIM in MYOB
After confirming your eligibility, you need to map each account in your ledger to the AIM statement of activity. This is done from within the GST and provisional tax page in MYOB.
Go to the Accounting menu and choose GST and provisional tax. The GST and provisional tax page appears.
Click Get started.
If prompted, enter your MYOB account details.
Click AIM settings. The AIM settings page lists every field on the AIM statement of activity. You need to map all of your ledger accounts to a field. Note that not every field will be mapped to an account, but all of your accounts must be mapped before lodging your provisional tax return using AIM.
Starting from the topmost field (Gross income from sales and/or services) and working your way down, click +Map account(s) and select all applicable accounts for each field.
If you're unsure about where to map your accounts, please speak with your accounting advisor.
When you've finished mapping your accounts, click Save & Exit. You can come back tothis page to finish mapping your accounts or to map a newly created account.