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Provisional tax relief during tough times 1200 630 Lee Stace
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Provisional tax relief during tough times

As businesses look to conserve cash in response to drought, flooding or coronavirus, there’s an IRD-approved way to defer payment of their 2020 provisional tax until June next year. Tax pooling lets taxpayers pay provisional tax at a time that suits their business, without facing interest and late payment penalties from the taxman. Why might…

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Coffee with Bernice at BLO Consulting 1200 630 Jade Robertson
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Coffee with Bernice at BLO Consulting

Tax is not the only thing business owners focus on, says Bernice Lo from BLO Consulting. She knows how they think. After all, she started her accountancy practice in 2007. Today, it is a thriving team of seven with another team overseas, making them available 24 hours a day during the work week. Their clientele…

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Standard uplift: When 105 percent uplift payments are less than 110 percent payments 1200 630 Lee Stace
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Standard uplift: When 105 percent uplift payments are less than 110 percent payments

IRD will sometimes apply the 105 percent standard uplift calculation (CY-1) retrospectively when determining what’s due and payable at each provisional tax instalment. This happens in situations where CY-1 payments turn out to be less than 110 percent uplift payments (CY-2). When this is the case, IRD’s system will automatically overwrite the CY-2 calculation once…

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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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