Tax Management NZ (TMNZ) has received a number of enquiries from clients about tax pooling transfers for the 2014 income year not appearing on their statements from Inland Revenue (IRD).
Some have also received a letter from IRD notifying them their 2014 terminal tax payment is overdue.
Please tell your clients not to panic and that any late payment penalties incurred will be reversed once IRD processes their transfers from the tax pool.
TMNZ has already submitted many client transfers to IRD. Our IRD contacts have informed us they are well behind in the processing of these.
We are currently working with IRD to see if the transfer process can be handled more efficiently in the future.