Accountants

Image: Residential property

Property tax changes announced – what you need to know

Property tax changes announced – what you need to know 1200 630 TMNZ Blog

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…

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How tax agents can kick the hourly billing habit

How tax agents can kick the hourly billing habit 1200 630 TMNZ Blog

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…

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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 TMNZ Blog

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…

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We’ve made provisional tax easier

We’ve made provisional tax easier 1344 896 TMNZ Blog

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…

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IRD payment allocation rules explained

IRD payment allocation rules explained 1200 630 TMNZ Blog

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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Image: Residential property

Don’t forget tax pooling as IRD targets residential property

Don’t forget tax pooling as IRD targets residential property 1200 630 TMNZ Blog

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 TMNZ Blog

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 TMNZ Blog

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 TMNZ Blog

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 TMNZ Blog

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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