Tax Management NZ

[Tax Management NZ Newsletter – April 2011]

2010 Tax Purchases still available where terminal date is 7 April 2011
The final deadline for these (60 days after terminal) will be in the 24 May 2011 processing. Please ensure that we have all the details on or before then.

Purchases of GST/FBT/RWT and other tax types are available if they are due to a reassessment
When a reassessment has been/will be issued your client can purchase the difference between the initial and reassessed amount of tax. We can hold the funds in the tax pool pending the reassessment notice from IRD which will effectively 'stop the interest clock' and means your client can purchase the tax date required (or nearest available) to reduce the UOMI exposure).

Tax Finance for 7 May 2011
Enable your client to make arrangements for their 7 May 2011 provisional tax payment without the immediate impact on cashflow. Using the Tax Finance service they can defer this payment for 3 months or through to end of March 2012 (building up the funds to pay in the interim) - or perhaps summer is when they have their boom time so they need the cash for stock. This is a funding line specifically for provisional tax and is pre-approved at highly competitive rates from 5.6% - (rate depends upon amount and term). The minimum amount for tax finance is $5,000. Calculate finance fees now http://www.tmnz.co.nz/accountants/taxfinance/

Future Payment Dates for Tax Purchases
We can provide quotes for future dates but you need to bear in mind they are dependent on the IRD Use Of Money Interest rates staying the same. If IRD make a change Tax Management will also amend their rates.