It’s called Tax FINANCE.
Tax FINANCE allows taxpayers to defer their provisional tax payment to a more convenient time.
It provides several benefits.
Tax FINANCE allows taxpayers to use the money they would otherwise pay to Inland Revenue (IRD) for provisional tax to grow their business.
It’s cheaper than many other financing options – rates start below six percent – and does not affect existing credit lines. No credit approval or security is required.
Using Tax FINANCE saves businesses IRD use of money interest of 8.4 percent and late payment penalties of up to 20 percent per annum.
TMNZ pays the IRD for you, and you repay TMNZ at an agreed upon date in the future.
Taxpayers only pay the tax bill that is due at the end. There’s no need to pay back the finance if you don’t end up needing all the tax.
TMNZ is New Zealand’s largest and oldest tax pooling intermediary, being established in 2003 by the man who developed and helped the IRD implement the tax pooling concept, Ian Kuperus.
It has helped more than 21,000 SMEs save more than $30 million on IRD interest and late payment penalties.
Feel free to call or email TMNZ today to find out how Tax FINANCE can help you with your 7 May provisional tax.