Accountants

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…

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Don’t forget tax pooling as IRD targets residential property

Don’t forget tax pooling as IRD targets residential property 1200 630 Lee Stace

Tax pooling can reduce the interest cost by up to 30 percent and eliminate late payment penalties if someone owes additional tax for failing to declare property transactions captured under the bright-line test. An approved provider of the service such as Tax Management NZ (TMNZ) can help with income tax that arises from residential property…

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Back to the office? Not as you know it

Back to the office? Not as you know it 1200 630 Colin Kennedy

Fresh out of lockdown in 2020, a lot of New Zealand companies were talking ‘working from home as the new normal’, but it hasn’t exactly worked out that way, and a remote workforce is looking increasingly unlikely – or is it? In July 2020 there were reports that the Auckland CBD economy would collapse due…

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Is FOMO hurting your advisory business?

Is FOMO hurting your advisory business? 1200 630 Colin Kennedy

Remember, when you were a kid, and you would gather with other kids for sport or play, and a couple of nominated children in the group would get to choose their teams? Do you recall the feeling of dread you had that you would get picked last or even not at all? That same insecurity…

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Payment options for 15 January provisional tax

Payment options for 15 January provisional tax 1200 630 Lee Stace

One of the challenges of paying provisional tax in times of economic uncertainty is making a payment that is both appropriate and does not negatively impact your cashflow. Tax is one of the largest expenditure lines for a business, so you want to get it right. You don’t want to overpay, because that’s money sitting…

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How to grow your tax advisory through thought leadership

How to grow your tax advisory through thought leadership 1200 630 Colin Kennedy

There’s a so-called old piece of wisdom that says: “Absence makes the heart grow fonder.” In reality, it is an old wives’ tale because it isn’t true – not for relationships and not for tax advisory businesses. If you want more business, if you want more referrals and more growth, you need to up your ‘visibility’…

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How to overcome the pain of tax procrastination

How to overcome the pain of tax procrastination 1200 630 Colin Kennedy

With Inland Revenue (IRD) currently charging a penalty of seven percent interest, you would think that every single business owner in New Zealand would be highly motivated to get their tax issues sorted. Why then, is tax procrastination a problem? Tax is an obligation. We have no choice but to get on top of it.…

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Image: Tax refund

Accessing overpaid tax faster in uncertain times

Accessing overpaid tax faster in uncertain times 1200 630 Lee Stace

Cash is king and being able to get your mitts on it quickly in an unpredictable world where circumstances can – and do – change in an instance is priceless. Just ask the taxpayers who were able to access the provisional tax payments they had deposited in the tax pooling account of Tax Management NZ…

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IRD eyeing cryptoassets: Tax implications for investors

IRD eyeing cryptoassets: Tax implications for investors 1200 630 Lee Stace

Come clean or expect Inland Revenue (IRD) to come calling. For investors who are unaware of their tax obligations, this is the situation they face in the wake of the New Zealand tax department exercising its powers under the Tax Administration Act 1994 to request customer information from companies dealing with cryptoassets. This appears to…

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Important considerations: 28 October provisional tax

Important considerations: 28 October provisional tax 1200 630 Lee Stace

The outbreak of COVID-19 is making it even trickier to work out how much provisional tax to pay, not to mention finding the funds to pay it. That’s why, with 28 October approaching, we’re going to offer a couple of pointers to consider as you look to manage this uncertainty in a pandemic-impacted environment. This…

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