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Lee Stace

How to avoid singing the holiday cashflow blues

How to avoid singing the holiday cashflow blues 1200 630 Lee Stace

Cash is king and having the necessary cashflow to see you through the Christmas-early New Year holiday period is important. We say that because the most challenging payment date on the tax calendar – 15 January – is drawing near. And if your cashflow is a bit of a dog’s breakie, then you would be…

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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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Three tax pooling solutions for businesses impacted by COVID-19

Three tax pooling solutions for businesses impacted by COVID-19 1200 630 Lee Stace

IRD has announced a suite of tax relief measures during COVID-19 to help struggling businesses. However, a tax pooling provider such as Tax Management NZ (TMNZ) offers some solutions of its own for those wishing to manage cashflow, facing uncertainty about their profitability or needing access to funds during this difficult economic time: Provisional tax…

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Standard uplift method: Things accountants should know

Standard uplift method: Things accountants should know 1200 630 Lee Stace

Need a refresher on standard uplift and how the rules around this provisional tax calculation method work? Don’t worry – we’ve got your back. Below are some of the important things an accountant should know. It has been put together based on the queries we are receiving in the lead up to the 28 August…

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Increased provisional tax threshold: Legislative application

Increased provisional tax threshold: Legislative application 765 450 Lee Stace

The rules that determine whether someone must pay provisional tax are still the same in terms of how IRD applies them. However, what’s not the same for the 2021 and future tax years is the point at which they are applicable to a taxpayer. That’s the important thing to remember if you’re struggling to wrap…

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Anti-money laundering requirements and tax pooling

Anti-money laundering requirements and tax pooling 1344 820 Lee Stace

Updated 12 October 2020 Tax Management NZ (TMNZ) must now conduct a limited form of customer due diligence on all clients as part of recent changes to anti-money laundering (AML) requirements. As such, we will be collecting information about the taxpayers using our service and asking anyone acting on their behalf to supply some basic…

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Increased provisional tax threshold explained

Increased provisional tax threshold explained 1200 630 Lee Stace

A taxpayer has no obligation to pay provisional tax for the 2020-21 income year if their liability for the previous year was $5000 or less. In most cases, any income tax payable for the upcoming year will be due at their terminal tax date. That said, there are some exceptions to this rule. We are…

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COVID-19 provisional tax interest remission: What you need to know

COVID-19 provisional tax interest remission: What you need to know 1200 630 Lee Stace

Updated 11 August 2020 Small- and medium-sized taxpayers may no longer have to pay interest if they underpay provisional tax as a result of miscalculating the impact COVID-19 has on their profitability for the 2020-21 income year. However, while this concession is a major boon ahead of the 28 August 2020 payment date for those…

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