Please be aware that March balance date clients without an extension of time (EOT) who have yet to settle their 2014 income tax liabilities have until 15 April to buy tax from Tax Management NZ (TMNZ).
IRD will not accept the use of purchased tax pool funds to settle your clients’ 2014 income tax liabilities if they are more than 75 days past their terminal tax date.
What if my client has a 7 April terminal tax date?
There’s no need to panic. Clients with a 7 April terminal tax date have until 15 June to purchase 2014 provisional or terminal tax.
Below is a table that highlights some key dates of which you need to be aware.
|Balance date||Last date to purchase
|Last date to purchase
|January-14||Date has passed||15 April|
|February-14||Date has passed||1 May|
|March-14||15 April||15 June|
|April-14||15 April||15 June|
|May-14||15 April||15 June|
|June-14||15 April||15 June|
|July-14||15 April||15 June|
|August-14||15 April||15 June|
|September-14||15 April||15 June|