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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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Image: AIM and tax pooling
AIM and tax pooling 1344 897 Lee Stace
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AIM and tax pooling

Legislation prevents taxpayers from using tax pooling to pay AIM provisional tax instalments. We are issuing this reminder as IRD notifies us they are seeing several tax pooling transactions for these types of payments. Section RP17B (2)(a) Income Tax Act 2007 says an amount held in a tax pooling account on behalf of a taxpayer…

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Meet Mara Fisher 1344 753 Lloyd Evaroa
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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
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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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How to find a great accountant: six qualities to look for 1200 630 Jade Robertson
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How to find a great accountant: six qualities to look for

Thousands of independent business owners have an awful habit. While steadily pedaling up the mountain of expansion, new hires, building a great brand, and newfound social media fame, these business owners attempt to juggle their tax payments and financial accounts with their little remaining time. “We know our business best, so we’d may as well…

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Image: IRD interest calculations
Failing to pay cents costing thousands in IRD interest 1344 820 Lee Stace
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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: Safe harbour provision.
28 August provisional tax: Don’t forget IRD interest rise 1200 630 Lee Stace
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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
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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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