Latest news
[Tax Management NZ Newsletter – December 2010]
NEW IRD UOMI RATES effective from 16 January 2011
The IRD UOMI rates are currently 1.82% (overpayments) - 8.91% (underpayments).
From 16 January 2011 these will change to 2.18% - 8.89%. The Tax Management NZ interest rates will also move in response to this.
Tax bill introduced to the House 24 November 2010– Improves Tax Pooling Regime:
The new tax bill proposes a number of improvements:
- - No time limit for the use of your own funds provided a tax return has been filed on time.
- - 75-days from terminal tax date to finalise terminal tax liabilities ie taxpayers with a March balance date and agent listing will have to 16 June to finalise terminal tax.
- - Improvement to the current practice around transfers for current year income tax prior to the return being filed.
- - Clarification of the current policy around use of tax pooling for voluntary disclosures and audits where the tax payer has self assessed at nil and not filed a return.
- - The ability to use tax pooling to address imputation shortfalls will be removed.
- - Clarification regarding the definition of 'amount of tax' in a reassessment scenario so that it is clear it extends to all tax types (including GST).
You can read more about the bill here
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Post Christmas cash flow is traditionally very tight and this year is likely to be even worse as many companies are going into the Christmas period with already depleted cash reserves. Tax FINANCE could be part of the solution. It can be done online in minutes and acceptance is pre-approved. Rates start from 6% depending on term and amount so pricing is very competitive. We have a 98% completion rate and the majority of customers are repeat users as they see the ongoing benefits to their business of tax financing. A pdf copy of our current client brochure is available online.
Payment Dates for Tax Purchases through to February 2011
- - December 2010 – 13 December [No Early Bird Payment]
- - January 2011 - 21 January [Early Bird Payment 7 Jan 2011]
- - February 2011 - 22 February [Early Bird Payment 8 Feb 2011]
Please send any questions, suggested topics of interest, comments and feedback to: admin@tmnz.co.nz