Accountants

Cashflow survival: Dealing with terminal, provisional tax

Cashflow survival: Dealing with terminal, provisional tax 1200 630 Lee Stace

The months of April and May can really tax your cashflow. Let me explain. On 7 April, IRD expects you to pay terminal tax for the 2018 income year. Terminal tax means a taxpayer did not pay enough provisional tax for the previous year. As such, they need to square up the difference. To make…

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TMNZ and Xero team up to educate clients

TMNZ and Xero team up to educate clients 600 338 Denise Pimentel

 Xero and TMNZ partnered up earlier this month for Xero’s Education month. Kathleen Payne, TMNZ’s Strategic Partnerships Manager, ran the  webinar educating people on the benefits of tax pooling as well as a practical demonstration of applying TMNZ provisional tax arrangements within the Xero platform.

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New provisional tax calculator

New provisional tax calculator 957 538 Lloyd Evaroa

Simplifying provisional tax is something we are always working on. Our new provisional tax calculator helps you by removing the time and strain of calculating your payments. Key developments This is a new tool to calculate provisional and terminal tax liabilities. As we detail below, you just need a few details to work out what…

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New TMNZ Reports now live

New TMNZ Reports now live 650 351 Lee Stace

 We are happy to announce our new, simple-to-use TMNZ Reports are available on your dashboard to view and export. This means you can now easily see all relevant information relating to TMNZ payments and transactions made by taxpayers you manage in one place. Reports are an area we have been working hard to improve…

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Setting up a 2018-19 income year payment plan with Flexitax

Setting up a 2018-19 income year payment plan with Flexitax 1200 630 Lee Stace

Many of your clients will pay their first instalment of provisional tax for the 2018-19 income year on 28 August. As such, now’s an opportune time to mention Flexitax as you discuss tax planning and cashflow management with them. We recommend using this to set up a provisional tax payment plan for the 2018-19 income…

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2017 income tax deadlines looming

2017 income tax deadlines looming 765 450 Lee Stace

Deadlines to pay 2017 income tax through TMNZ are fast approaching. We understand some clients might not be able to pay by then. However, there are options you may wish to consider if cashflow constraints will prevent you from settling your Flexitax or Tax Finance arrangements within the required timeframe. TMNZ deadlines – when must…

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AIM - the accounting income method

What IRD isn’t saying about AIM

What IRD isn’t saying about AIM 7360 4330 Lee Stace

The accounting income method – AIM – will be available to businesses to calculate their provisional tax payments using approved accounting software from 1 April. The concept is simple: Those with turnover of less than $5 million will make provisional tax payments when they earn their income, based on accounting profit. Inland Revenue (IRD) has…

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Filing-income-tax-return

Filing a 2017 income tax return? Remember this

Filing a 2017 income tax return? Remember this 765 450 Lee Stace

Basing your uplift calculation on last year (2017) or two years’ prior (2016) could result in a lower liability for your first two provisional tax dates.

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Filing-income-tax-return

2018 income tax payment strategy

2018 income tax payment strategy 765 450 Lee Stace

Here’s how to cap your liability at the uplift amounts while having the flexibility to pay tax based on how your year is unfolding.

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Provisional tax changes explained

Provisional tax changes explained 765 450 Lee Stace

Here’s a summary of the new provisional tax rules for taxpayers who use the standard method to calculate their payments.

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