Tax Management NZ

[How can I find out more information about TMNZ?]

TMNZ can arrange a seminar or presentation on request. Contact us for further information.

[Is TMNZ approved by Inland Revenue?]

Yes. TMNZ is listed on the Inland Revenue's website and we were the first tax pooling intermediary to be approved by them. The TMNZ Tax Account was established in April 2003 and is operated under the Income Tax Act 2007.

[How long has TMNZ been in business?]

TMNZ has been providing tax pooling services to New Zealanders since April 2003.

[When do imputation credits arise for Tax PURCHASES?]

Imputation credits for Tax PURCHASES arise at the effective date of the purchase. For example: Purchase $50,000 for 7 July 2005 tax and an ICA credit of $50,000 arises on 7 July 2005.

[What is the earliest tax available to purchase?]

1 March 2008 is currently the earliest date that a tax deposit can be purchased. Please contact us if you require tax earlier than this date as small amounts may be available.

[Does TMNZ have tax for sale when I want it?]

TMNZ is very likely to be able to meet your Tax PURCHASE request. Check our Tax PURCHASE calculator for dates and savings.

[How long does it take for TMNZ to confirm a Tax PURCHASE or Tax FINANCE request?]

TMNZ is able to respond to most requests immediately.

[Can a Tax PURCHASE eliminate a late payment penalty?]

If it is not yet 60 days after the terminal tax date for the income year you need tax, we can eliminate all late payment penalties for Income Tax shortfalls.

For further information refer to section RP19(3) Income Tax Act 2007 or contact TMNZ to discuss.

[Can Tax DEPOSITS be purchased after several years?]

Yes – provided that the request relates to a tax type where a return has already been filed and an audit or voluntary disclosure is now being made. Tax DEPOSITS can be purchased to cover the increased amount payable due to the audit or voluntary disclosure.

[Can a Tax PURCHASE be used for GST and other taxes such as PAYE?]

Yes, purchases can be made for GST and other tax types where there has been an audit or voluntary disclosure that gives rise to an increased amount of tax owing. An increased amount of tax is determined by the difference between the amended return and the initial return.

[Does a client have to be registered with TMNZ to make a Tax PURCHASE?]

No, only you as their accountant needs to be registered. There is no cost for this registration.

[How much does Tax FINANCE cost?]

Charges start from just 6% per annum. The minimum Tax FINANCE amount is $5,000 and the costs decrease as the option amount increases. Click here to obtain a quote.

[Are there any establishment fees or other charges?]

No.

[How do I know my payments will be secure?]

Custodial trustee services for the TMNZ Tax Pool are provided by The New Zealand Guardian Trust Company Limited (Guardian Trust). With origins dating back to 1882, Guardian Trust is a leading trustee, financial adviser and asset manager.

Guardian Trust

• Holds all payments and Tax DEPOSITS on trust for members;
• Maintains core client details and tax registers;
• Holds all deposit bank accounts;
• Holds the TMNZ Tax Account at Inland Revenue;
• Authorises all payments; and
• Authorises all transfers to taxpayer accounts at Inland Revenue

[How long before a Tax PURCHASE is transferred to my account at Inland Revenue?]

Transfers are usually completed by Inland Revenue within three weeks of the payment due date. You will receive notification from us confirming when this has been completed.