If your October balance date* clients have a 7 September terminal tax date, they have until 23 November to buy tax from Tax Management NZ (TMNZ) to settle their 2015 income tax liabilities.
There is no discretion for late tax purchases to be transferred to Inland Revenue (IRD).
Please call TMNZ today to arrange a Tax PURCHASE if any of your clients with a 7 September terminal tax date need to buy tax.
IRD will not accept the use of purchased tax pool funds to settle your clients’ 2015 income tax liabilities if they are more than 75 days past their terminal tax date.
*This is for the 2015 financial year ended 31 October 2014.