The last chance to pay 2017 income tax through TMNZ is 18 June.
This is for clients with March-September balance dates who have a terminal tax date of 7 April .
Due to tax pooling legislation, TMNZ can only assist up to 75 days past your terminal tax due date. IRD will not accept the use of Flexitax or Tax Finance arrangements to settle 2017 income tax payments beyond that.
IRD interest and late payment penalties will accrue on any outstanding Flexitax or Tax Finance balance if you do not pay by 18 June . These will apply from the date the tax was originally due.
Therefore, it is important you pay as much of your Flexitax or Tax Finance arrangement with TMNZ as you can before the deadline.
Cashflow options outside tax pooling
If cashflow is an issue, there are other options that can help you settle your 2017 Flexitax or Tax Finance arrangements with TMNZ on time.
Here are three such services.
Interface Financial Group
The Interface Financial Group provides money right away to customers by purchasing their unpaid invoices. It pays up to 90 percent of the invoice amount.
Visit www.interfacefinancial.co.nz or phone 0800 438 434 to talk with them directly.
Spotcap provides unsecured business loans of up to $250,000 to small- and medium-sized businesses. It makes credit decisions within 24 hours. You can complete the process online.
Visit www.spotcap.co.nz or phone 0800 444 540 to talk with them directly.
Lock Finance provides debtor finance, factoring, working capital finance and trade finance facilities to help with cashflow.
Visit www.lockfinance.co.nz or phone 0800 275 5625 to talk with them directly.
TMNZ has no affiliation with The Interface Financial Group, Spotcap and Lock Finance. We are not endorsing their services and do not receive any referral fees or commission from them. This information is provided only as a service to clients on options in the market. As always, we encourage clients to do their own due diligence as we have done.