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Image: Safe harbour tolerance
Safe harbour tolerance being introduced 1344 706 Lee Stace
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Safe harbour tolerance being introduced

A legislative amendment will allow taxpayers to remain in safe harbour if they underpay their provisional tax instalments by $20.   Smaller taxpayers using the standard uplift method to calculate their payments have been losing the ability to take advantage of the interest concession provided by this rule when they underpay by small amounts. When…

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Merry Christmas happy New Year from TMNZ 1200 630 Jade Robertson
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Merry Christmas happy New Year from TMNZ

The TMNZ office will close from the end of 23 December – 8 January to celebrate Christmas and the New Year. We will have limited availability from 24 December 2019 to 7 January 2020. We wish everyone a wonderful break and a good time with friends and family to mark the start of a new…

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Jucy Rentals Group say good bye to provisional tax stress 1200 630 Jade Robertson
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Jucy Rentals Group say good bye to provisional tax stress

They say you can’t make an omelet without breaking some eggs. In this context, a company cannot grow without taking some risks or investing in their business. Jucy Rentals Group’s day-to-day operations highly depend on cash in the bank. It faces a unique challenge when it comes to paying provisional tax. They have to account…

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Four reasons why accountants should consider tax pooling 1200 630 Jade Robertson
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Four reasons why accountants should consider tax pooling

Meet Andy. He is a builder who has run his own business for almost three years, with the current year reflecting he will make a substantial profit. He gets paid well and is smart enough to set aside the tax he owes with every cheque. However, the clients he is working for do not always…

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Coffee with Maria from The Tax Lady 1200 630 Jade Robertson
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Coffee with Maria from The Tax Lady

“Why would IRD allow you to do this?” This is the reaction of some of Maria Anderson’s clients when they hear about how tax pooling can help with provisional tax payments for the first time. Maria is one of the Directors at The Tax Lady in Upper Hutt, north of Wellington. Their clients range from…

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Image: IRD contacting clients
IRD agrees to stop contacting clients directly 1200 630 Lee Stace
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IRD agrees to stop contacting clients directly

Accountants have a fundamental role to play in the tax system and IRD is putting measures in place to limit direct contact with their clients. These are the words of IRD commissioner Naomi Ferguson. Her announcement – made during her address at the annual Chartered Accountants Australia and New Zealand (CA ANZ) Tax Conference in…

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Image: 15 January provisional tax
Don’t let 15 January provisional tax cause stress 1200 630 Lee Stace
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Don’t let 15 January provisional tax cause stress

Paying 15 January provisional tax can be stressful and a pain in the derrière for many businesses – but it doesn’t have to be. There is an IRD-approved service that allows taxpayers to make this payment when it suits them. To understand why this might appeal, one must understand why 15 January provisional tax can…

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Image: IRD audit in hidden economy
Remember tax pooling as IRD audit activity increases 1200 630 Lee Stace
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Remember tax pooling as IRD audit activity increases

IRD ramping up its investigation activity by targeting businesses under-reporting cash sales or paying staff under the table is an opportune time to remind taxpayers that tax pooling can assist with audits or voluntary disclosures. The hidden economy is estimated to be worth close to $1 billion. That’s why IRD is cracking down on cash…

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Meet Neil Bhattacharya 632 419 Lloyd Evaroa
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Meet Neil Bhattacharya

Neil Bhattacharya is our Head of Client Services at TMNZ. Formerly the Client Services Manager, his new position reflects the Client Services Team’s responsibility of being the first point of contact for our clients and making sure NZ’s biggest tax pool is the best. The goal for the team is to get clients what they…

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Image: Safe harbour provision.
Uplift payments required for safe harbour eligibility 1200 630 Lee Stace
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Uplift payments required for safe harbour eligibility

Provisional taxpayers cannot use the safe harbour provision if they fail to make their standard uplift payments on time and in full. However, tax pooling can fix this. Safe harbour – what it is and the criteria Safe harbour is a concession whereby IRD will not charge interest between a taxpayer’s final provisional tax instalment…

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