Corporate members: earlier refunds, higher interest
As a corporate member of Tax Management NZ you can reduce exposure to use-of-money interest and increase the flexibility with which you manage tax payments and refunds.
[Benefits of membership]
- Higher interest on tax refunds – usually over 2% above Inland Revenue rates.
- Lower interest on additional tax – usually 3% below Inland Revenue UOMI rates.
- Earlier tax refunds – giving you access to the funds quickly.
- Online access to provisional tax balances
- Easy tax transfers to related companies
- Allocate balances across group entities – without needing to transfer funds out of the pool
- Simple reconciliation – through easy to read statements
- Easier management of tax buffers
- Simple payment procedures – through management of the Inland Revenue interface
[In safe hands]
Custodial trustee services for the Guardian Trust/Tax Management NZ Tax Pool are provided by The New Zealand Guardian Trust Company Limited (Guardian Trust). Guardian Trust is a subsidiary of the Promina Group, a leading Australasian insurance and financial services organisation listed on the Australian and New Zealand stock exchanges. Guardian Trust currently supervises assets and investments in New Zealand in excess of $NZ50 billion.
Guardian Trust
- Holds all payments and Tax DEPOSITS on trust for members
- Maintains client registration details and the tax register of Tax DEPOSITS
- Holds the Guardian Trust/Tax Management NZ Tax Pool Account at Inland Revenue
- Authorises all payments and tax refunds
- Authorises all transfers to members' accounts at Inland Revenue
[How it works]
Provisional tax payments
- Tax Management NZ members pay their tax to the Tax Pool Guardian Trust bank account.
- Guardian Trust deposits the tax with Inland Revenue in the Guardian Trust/Tax Management NZ Tax Pool Account and maintains a register of the tax deposit.
- Guardian Trust sends a Tax DEPOSIT statement.
Overpaid Tax Amounts
- Tax Management NZ members request a Tax SALE of any overpaid tax amounts through the Tax Management NZ website.
- Tax Management NZ will match the Tax SALE with a Tax PURCHASE request. Where there is an insufficient match, Guardian Trust can request a refund from Inland Revenue.
- For amounts matched to a Tax PURCHASE, Guardian Trust will pay the tax amount plus the Tax Management NZ enhanced interest. Guardian Trust will pay the tax amount plus Inland Revenue interest on the portion not matched by a Tax PURCHASE.
- Guardian Trust will send a statement to the Tax Management NZ member showing the overpaid tax amount and interest paid.
Additional tax to pay
- Obtain an online quote
- Log in as a member to confirm the quote (requires registration).
- Submit and confirm the request.
- You will receive immediate email confirmation of amounts requested along with Guardian Trust's account details for payment.
- Forward payment details are sent to you for payment by the due date which is generally within two weeks.
- Guardian Trust and Inland Revenue will arrange the transfer of the tax to your account within two weeks of this date.
“Good concept, professionally run and is delivering significant savings.”John Smith, Sealord