Tax pooling tips: Using the Due Date on myIR statements may needlessly expose you to UOMI 1344 896 TMNZ Blog

Tax pooling tips: Using the Due Date on myIR statements may needlessly expose you to UOMI

Here we discuss how TMNZ can help you to avoid interest charges with payments at P3. Unfortunately we’re seeing many clients buying tax at the wrong dates.  We believe this is caused by the confusing way Inland Revenue displays the Residual Income Tax liability on the myIR statements.  If a…

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TMNZ’s sustainable office: how we moved and improved our environmental footprint 1344 896 TMNZ Blog

TMNZ’s sustainable office: how we moved and improved our environmental footprint

Our new Auckland office aligns with our ambition to build a more sustainable future for Aotearoa.

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Inland Revenue extends tax pooling deadline for COVID-19 impacted taxpayers  1344 896 TMNZ Blog

Inland Revenue extends tax pooling deadline for COVID-19 impacted taxpayers 

Updated: 11 May 2022 Anyone impacted by COVID-19 will now have 183 days after their terminal tax date (or until 30 September 2022, whichever comes first) to settle 2021 income tax arrangements with TMNZ, subject to meeting certain criteria. Inland Revenue (IR) has announced it has extended the legislative deadline,…

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Tech for good: how TMNZ and innovation partners are making life easier for clients and helping the planet 1344 896 TMNZ Blog

Tech for good: how TMNZ and innovation partners are making life easier for clients and helping the planet

TMNZ clients will benefit from a significantly simplified Inland Revenue data connectivity for the first time. We discuss how it will help, the innovative tech companies involved, and the broader benefits it will bring.  The goal of every good business is to make a positive impact on clients, communities and…

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The 15 January provisional tax catch 1024 683 TMNZ Blog

The 15 January provisional tax catch

Did you wait to file after 17 January? Inland Revenue raised a provisional tax payment issue in the Tax Intermediaries update on 27 January 2022. Here we discuss the issue in more detail, as well as the help available to you if your clients are impacted.  Typically, for a client…

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Managing business cashflow in uncertain conditions 1024 431 TMNZ Blog

Managing business cashflow in uncertain conditions

Looking back at 2021 In 2021 we learnt that emerging risks can quickly disrupt business operations, strategic plans and cashflow. The pandemic, combined with volatile markets and policy changes, put strain on New Zealand businesses. Revenues that were once predictable became unstable and COVID-19 related costs emerged. The business environment…

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Payment options for 15 January provisional tax 765 450 TMNZ Blog

Payment options for 15 January provisional tax

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…

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Survey indicates property market cooling due to confusion 1200 630 TMNZ Blog

Survey indicates property market cooling due to confusion

News release: Chartered Accountants Australia and New Zealand and Tax Management New Zealand 26 November 2021 A survey of chartered accountants and tax agents has revealed that incoming legislation intended to help cool New Zealand’s over-heated housing market is already having a major effect on investors – but largely because of…

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New Survey Shows Inland Revenue Helpful, But Hindered 1344 896 TMNZ Blog

New Survey Shows Inland Revenue Helpful, But Hindered

Press Release: Chartered Accountants Australia and New Zealand and Tax Management New Zealand 24 November 2021 Helpful, but hindered is the overarching finding in a new survey digging into public practice accountants’ experiences with Inland Revenue (IR). Conducted by Chartered Accountants Australia and New Zealand and Tax Management New Zealand, the…

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Chris Cunniffe, CEO TMNZ
Celebrating 10 years with TMNZ 1240 697 TMNZ Blog

Celebrating 10 years with TMNZ

CEO Chris Cunniffe shares his reflections I have recently marked 10 years with TMNZ, and as I passed that milestone I have taken time to reflect on what has changed over the decade.  I joined TMNZ in September 2011 after 15 years working in large corporates with Air New Zealand…

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Automation may be the best time management solution of all time 1280 616 TMNZ Blog

Automation may be the best time management solution of all time

The beauty of Xero is that the cloud platform introduced Kiwi business owners to the power of automation – remember those spreadsheets, the long hours and the need for painstaking detail? Now there are hundreds of different apps offering to make all kinds of things easier – but don’t make…

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How can you attract an investor to your business? 1200 630 TMNZ Blog

How can you attract an investor to your business?

Some investors argue they are only interested in businesses that sell widgets rather than services – they want a product, not bodies. Others say that their investment is in the people leading the company. Either way, you can take hope because it’s clear that no investor is alike, and that…

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Understanding provisional tax 1200 630 TMNZ Blog

Understanding provisional tax

What is provisional tax? How’s it calculated? When is it paid? What happens if you don’t pay? If these questions are currently occupying space in your head, don’t worry – we’re about to provide some answers. A brief overview Provisional tax breaks up the income tax you pay Inland Revenue…

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Syncing provisional tax to cashflow 1200 630 TMNZ Blog

Syncing provisional tax to cashflow

As a self-employed painter and decorator, Bart Taylor knows full well how business owners can get themselves into strife if they don’t plan for their tax obligations. He speaks from his own personal experience. That’s why Bart is happy to talk about how Tax Management NZ (TMNZ) enables him as…

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Easy money for business not always the best option 1200 630 TMNZ Blog

Easy money for business not always the best option

Not long ago, one financial adviser was heard to lament the Kiwi habit of using the mortgage to fund the business. Others turn to bank overdrafts or their personal savings – all of which some might argue are easy choices to make but not necessarily the best. Putting one’s house…

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What is a cashflow forecast, exactly? 1200 630 TMNZ Blog

What is a cashflow forecast, exactly?

Most people nod in agreement when they hear the fable of the ant and the grasshopper – the ant worked all summer while the grasshopper lazed about, only for a starving grasshopper to come begging at the ant’s door in winter. However, it’s surprising how few business leaders apply the…

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Cashflow relief for farmers impacted by flood or drought 1200 630 TMNZ Blog

Cashflow relief for farmers impacted by flood or drought

Those impacted by flooding in Canterbury or drought elsewhere in New Zealand have another option to manage their cashflow. It’s called tax pooling. It lets taxpayers defer their upcoming provisional tax payments to a time that suits them, without incurring interest (currently seven percent) and late payment penalties from Inland…

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Bright-line test: Don’t get caught by ‘change-of-use’ rule fishhook 1200 630 TMNZ Blog

Bright-line test: Don’t get caught by ‘change-of-use’ rule fishhook

Anyone who lives away from their main home for more than a year will be liable to pay income tax on any profit they make from the sale of a residential property sold within the new bright-line period. That’s because of the introduction of a ‘change-of-use’ rule that came into…

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Seller beware – IRD bright-line campaign update 1200 630 TMNZ Blog

Seller beware – IRD bright-line campaign update

Inland Revenue (IRD) will soon begin issuing letters to taxpayers within a month of them selling a residential property. These will be sent as soon as the tax department identifies a transaction that potentially falls within the bright-line rules, to ensure people are aware of any possible tax obligations. IRD…

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Handling chronic complainers in the workplace 1200 630 TMNZ Blog

Handling chronic complainers in the workplace

When a leader in the financial sector is confronted by challenging behaviour – like a persistently complaining employee – it is best to avoid attempting to turn the ‘complainer’ around with ‘positive’ or ‘motivational’ speak. Negative complaining (an expression of dissatisfaction or annoyance about something) is not the same as…

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