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Lee Stace

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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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 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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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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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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