TMNZ Blog

News & resources for business flexibility, cashflow and capital expenditure

Meet Mara Fisher 1344 753 Lloyd Evaroa

Meet Mara Fisher

Mara Fisher, Head Of Partnerships at TMNZ Mara Fisher is our Head of Partnerships at TMNZ. Formerly the Chief Operating Officer at TMNZ, her new position reflects the new structure at TMNZ, where the former client relations, client experience, and technology teams are now under one banner. The goal for Mara and her team is…

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Image: Taxation (Kiwsaver, Student Loans, and Remedial Matters) Bill
TMNZ’s submission on Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill 1344 706 Lee Stace

TMNZ’s submission on Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill

TMNZ supports all but one of the proposed provisional tax amendments in the Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill. We made a submission on the Bill last week after receiving feedback from clients. In it, we share our thoughts on the following proposed amendments to provisional tax: Eliminating the requirement to estimate at…

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Image: IRD interest calculations
Failing to pay cents costing thousands in IRD interest 1344 820 Lee Stace

Failing to pay cents costing thousands in IRD interest

A $2400 IRD interest bill after underpaying an instalment of provisional tax by a mere 30 cents. This is just one example of how the programming issues within IRD’s system are currently affecting interest calculations for provisional taxpayers. IRD says it has seen cases where taxpayers have lost access to the safe harbour provision because…

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Image: 28 August provisional tax reminder.
28 August provisional tax: Don’t forget IRD interest rise 1200 630 Lee Stace

28 August provisional tax: Don’t forget IRD interest rise

For many, the 28 August provisional tax instalment is the first for the 2020 tax year – and failing to pay on time will cost taxpayers more money. That’s because the interest IRD charges when tax is unpaid or underpaid is increasing from 8.22 percent to 8.35 percent. The new rate will apply the day…

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Image: Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill
Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill: Have your say on provisional tax changes 1200 630 Lee Stace

Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill: Have your say on provisional tax changes

The Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill contains six amendments that IRD says will clarify and align provisional tax legislation with its system. The proposed amendments are: Eliminating the requirement to estimate at the final instalment date for provisional tax Clarifying the ‘lesser of’ calculation of interest for standard uplift taxpayers Clarifying the…

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Image: Walker & Co Real Estate owners Lee And Marc Walker
Walker & Co Real Estate remedy big provisional tax problem 1200 630 Lee Stace

Walker & Co Real Estate remedy big provisional tax problem

Provisional tax is not without its challenges. Marc and Lee Walker from Walker & Co Real Estate know this all too well. The husband and wife duo do not take umbrage at paying tax. No siree Bob. It’s part and parcel of being in business. And they accept it ain’t going away. But they do…

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Image: Auckland Sky Tower
TMNZ stepping up for Leukaemia & Blood Cancer New Zealand 1200 630 Denise Pimentel

TMNZ stepping up for Leukaemia & Blood Cancer New Zealand

TMNZ staff are raising money for Leukaemia & Blood Cancer New Zealand by racing up the tallest building in the Southern Hemisphere next month. Grace Evetts, Mara Fisher, Neil Bhattacharya, Jatin Sharma and Lee Stace – collectively known as the ‘TMNZ Fast Five’ – are participating in this year’s Step Up Sky Tower Stair Challenge…

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Image: Accounting Income Method (AIM)
Accounting income method: When cashflow doesn’t match accounting profit 1200 630 Lee Stace

Accounting income method: When cashflow doesn’t match accounting profit

IRD’s marketing material boasts the accounting income method (AIM) means taxpayers only pay provisional tax when they make a profit. But what it neglects to convey is what happens if an AIM user making a profit has no money in their bank account to pay tax when it is due. The answer? Bad things. IRD…

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Smart Donation Discontinuation 1200 630 Jade Robertson

Smart Donation Discontinuation

The IRD have made claiming donations easier than ever before. The process takes about 15 minutes from start to finish with the rebate issued within 24 hours, if not instantly. The space Smart Donation once filled is replaced by IRD because of the simplicity and proficiency of their website. To claim your rebate you will…

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Image: IRD interest
IRD interest changes 1200 630 Lee Stace

IRD interest changes

The cost of getting provisional tax payments wrong is about to increase – but not with TMNZ. IRD interest rates are going to change and the news is not good for taxpayers. IRD is increasing the interest it charges taxpayers if they underpay or fail to pay their provisional tax on time from 8.22 percent…

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