Accountants

Image: Big data

Audit claim data highlights level of IRD’s behind-the-scenes activity

Audit claim data highlights level of IRD’s behind-the-scenes activity 1200 630 Lee Stace

Inland Revenue (IRD) is still actively reviewing taxpayers despite COVID-19 and the various business disruptions the pandemic has caused in the past 12 months, according to figures released by Accountancy Insurance. They saw a 31 percent increase in claims in all categories during the 2020-21 financial year compared to the 2019-20 financial year. In terms…

read more

Commissioner’s discretion for tax pooling

Commissioner’s discretion for tax pooling 1200 630 Lee Stace

A provision within legislation allows taxpayers to use tax pooling for certain income tax or RWT voluntary disclosures where no return has been previously filed. This is known as Commissioner’s discretion. And it’s worth seeking if a taxpayer satisfies all relevant criteria (see below), as settling these underpaid tax types through an approved tax pooling…

read more
Image: Skill being watered.

How to sell your expertise (give it away)

How to sell your expertise (give it away) 1200 630 Colin Kennedy

Tax is a scary thing for most people, and, as a tax specialist, you will know better than anyone, just how many business owners are intimidated by the whole area. As an expert in the field, it may help to educate both your existing clients and potential new clients on just how you can help…

read more
Image: Miscalculate

Miscalculated your tax loss carry-back? Don’t worry – help is at hand

Miscalculated your tax loss carry-back? Don’t worry – help is at hand 1200 630 Lee Stace

Tax pooling can reduce the interest cost a taxpayer faces by up to 30 percent if they have overestimated their loss under the temporary tax loss carry-back scheme. Under the temporary Inland Revenue (IRD) scheme, those who expect to make a loss in the 2019-20 or 2020-21 income year can estimate that loss and use…

read more

Partnership with ATAINZ

Partnership with ATAINZ 1024 538 Lloyd Evaroa

March 29, 2021 — Tax Management NZ today announces a partnership with The Accountants and Tax Agents Institute of New Zealand (ATAINZ). The partnership will advance TMNZ’s ambition to accelerate the adoption of tax pooling solutions amongst taxpayers who would benefit from genuine provisional tax flexibility. In addition, TMNZ is announcing plans to commence offers and opportunities…

read more
Image: Residential property

Property tax changes announced – what you need to know

Property tax changes announced – what you need to know 1200 630 Lee Stace

Property investors will no longer be able to offset their interest expenses against rental income when calculating their tax. This is one of three tax measures announced today by the Government as it attempts to cool the overheating New Zealand housing market. The others include: Extending the bright-line test to 10 years.A ‘change-of-use’ rule within…

read more
Image: Watch

How tax agents can kick the hourly billing habit

How tax agents can kick the hourly billing habit 1200 630 Colin Kennedy

It doesn’t matter how many times you hear this question; there aren’t many other questions quite as capable of putting an expert practitioner on the spot like a butterfly pinned to a display cabinet than the dreaded: ‘What’s it going to cost?’ For accountants, lawyers and others who sell their expertise, it sometimes seems the…

read more

Terminal tax isn’t due until 7 April – so why’s IRD already charging interest?

Terminal tax isn’t due until 7 April – so why’s IRD already charging interest? 1200 630 Lee Stace

Just because a terminal tax amount for the 2019-20 income year is not due and payable until 7 April does not mean Inland Revenue (IRD) is not already charging interest. Why is this happening, you may be asking? There could be several reasons. The method used to calculate your provisional tax payments, your income tax…

read more

We’ve made provisional tax easier

We’ve made provisional tax easier 1344 896 Lloyd Evaroa

We’ve made some changes to the way our dashboard works. It’s easier to navigate, the number of steps required for working with us is reduced and seeing the status of a taxpayer arrangement is the first thing you see. Navigate without needing to read a manual You can use the left-hand navigation sidebar or the…

read more

IRD payment allocation rules explained

IRD payment allocation rules explained 1200 630 Lee Stace

Provisional tax payments made on or before the date of the final instalment for the year are applied to the oldest overdue tax amount first while payments made after the date of the final instalment are applied to the interest owing on any overdue tax first, then the overdue tax amount. The IRD payment allocation…

read more