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Image: Taxation (Kiwsaver, Student Loans, and Remedial Matters) Bill
Bill containing COVID-19 UOMI concession enacted 1344 706 Lee Stace
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Bill containing COVID-19 UOMI concession enacted

Taxpayers physically unable to pay their tax on time due to COVID-19 can also apply to have IRD interest (UOMI) remitted. The COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill – which contains several other tax measures – was passed through all its stages under urgency in Parliament yesterday. The commentary for the Bill…

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Latest updates + insights on COVID-19 UOMI concession 1200 630 Lee Stace
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Latest updates + insights on COVID-19 UOMI concession

TMNZ met with officials from IRD yesterday to find out more details on how the interest (UOMI) concession they’re offering taxpayers who cannot pay their tax on time due to coronavirus will work. Below is a breakdown of what they said. Terminal tax payments This concession is not available for terminal tax payments relating to…

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Coronavirus update: IRD to waive UOMI on late tax 1200 630 Lee Stace
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Coronavirus update: IRD to waive UOMI on late tax

IRD will have the power to wipe interest (UOMI) if those significantly impacted by coronavirus cannot pay their tax on time. The provisional tax threshold will also increase from $2500 to $5000. The changes were announced by Minster of Finance Grant Robertson as part of the Government’s fiscal and economic response package to coronavirus. A…

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New permission levels for dashboard users 1024 683 Lloyd Evaroa
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New permission levels for dashboard users

TMNZ now offers a read-only view of our dashboard that allows users to look at arrangements and tax balances without fear of mistakenly changing anything important. A member of a tax firm or a taxpayer can view quotes, transactions and balances as part of this new permission functionality. But more importantly, users with this type…

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Image: Queenstown
Discounted interest rate of 3.95 percent for forestry and tourism 1200 630 Lee Stace
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Discounted interest rate of 3.95 percent for forestry and tourism

TMNZ is offering a special rate of 3.95 percent for cash-strapped businesses in the forestry and tourism industries who require more time to pay income tax due to coronavirus. The offer applies for 2020 provisional tax, as well as terminal tax payments relating to the 2019 tax year. We know that paying provisional or terminal…

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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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