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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

**Update on 19 December 2019** IRD are fixing this issue and introducing a $20 threshold so taxpayers aren’t thrown out of safe harbour and charged use-of-money interest if they short pay provisional tax by a few cents. They are in the process of fixing up accounts that were charged in these situations. Original article published…

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