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Can AIM taxpayers use tax pooling? 1200 630 TMNZ Blog
  • TMNZ Blog

Can AIM taxpayers use tax pooling?

A taxpayer cannot use tax pooling to defer payment of, or settle, provisional tax instalments calculated under the accounting income method (AIM). However, Tax Management NZ (TMNZ) can help AIM taxpayers with terminal tax or when they receive a notice of reassessment. What does tax pooling legislation say about AIM?…

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How hurry sickness is killing productivity in professional services 1200 630 TMNZ Blog
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How hurry sickness is killing productivity in professional services

The fable of the hare and the tortoise and the wisdom of ‘slow and steady wins the race’ holds some deeper truths for those of us who work in professional services. Perhaps the real reason the hare lost the race was that it was suffering from ‘hurry sickness’ – much…

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How to set up processes that can help relieve your cashflow pain 1200 630 TMNZ Blog
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How to set up processes that can help relieve your cashflow pain

There’s a parable about a man who built his house on rock and a man who built his house on sand. When the rains came, the latter lost everything. It seems evident that only a fool would build on sand, but you will be surprised by how often all of…

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Make IRD interest, late payment penalties disappear 1024 683 TMNZ Blog
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Make IRD interest, late payment penalties disappear

A missed or underpaid provisional tax payment often means a taxpayer is faced with a steep interest cost and potentially late payment penalties on top of what they owe. However, tax pooling can make that go away. A big frustration with Inland Revenue (IRD) is that it expects taxpayers to…

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Can social media work for accountants and service providers? 1200 630 TMNZ Blog
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Can social media work for accountants and service providers?

Tash Gate and Rory Wyatt talk about social media for accountants and service providers. How to get started, channel opportunities, and building trust with current and future clients.

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How active observation of the world around you can help cashflow 1200 630 TMNZ Blog
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How active observation of the world around you can help cashflow

Researchers in Italy have found that farm animals like dogs, cows and sheep can detect an earthquake up to 20 hours before it occurs. Perhaps it is ionisation of the air caused by rock pressures or that animals can smell gases released from quartz crystals before the quake. The lesson…

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Audit claim data highlights level of IRD’s behind-the-scenes activity 1200 630 TMNZ Blog
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Audit claim data highlights level of IRD’s behind-the-scenes activity

Inland Revenue (IRD) is still actively reviewing taxpayers despite COVID-19 and the various business disruptions the pandemic has caused in the past 12 months, according to figures released by Accountancy Insurance. They saw a 31 percent increase in claims in all categories during the 2020-21 financial year compared to the…

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Real-time data in the financial sector a threat or opportunity? 1200 630 TMNZ Blog
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Real-time data in the financial sector a threat or opportunity?

Some argue that technology and real-time data are intrusive and will allow the IRD access or potential access to client information that should private. Others say that real-time data is an opportunity for both the client and the advisor and ultimately leads to better business for both. We talk to Sue Pak, New Zealand Head of Accounting at Xero to discuss some of the opportunities and issues real-time data presents.

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How to build a business that can run without you 1200 630 TMNZ Blog
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How to build a business that can run without you

Are you micro-managing your team and, in doing so, ensuring your business can’t run without you?  All business owners, tax specialists included, pour their life and soul into the business and work hard to grow it. But at a certain point, even though it is hard to let go –…

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Working capital solution amid timber shortage 1200 630 TMNZ Blog
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Working capital solution amid timber shortage

For builders wanting to ensure they have enough materials to complete the jobs they have scheduled over the coming months amid the current timber shortage, there’s a source of funding available to them that they may have overlooked if they require working capital. It’s their provisional tax payments. And a…

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How to diversify your business 1200 535 TMNZ Blog
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How to diversify your business

The COVID-19 pandemic has honed many business owners’ minds about what parts of their business can continue to provide revenue if the rolling lockdowns continue. And it has undoubtedly had many business owners wondering how they can diversify their products or their markets to ensure the business remains afloat in…

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Commissioner’s discretion for tax pooling 1200 630 TMNZ Blog
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Commissioner’s discretion for tax pooling

A provision within legislation allows taxpayers to use tax pooling for certain income tax or RWT voluntary disclosures where no return has been previously filed. This is known as Commissioner’s discretion. And it’s worth seeking if a taxpayer satisfies all relevant criteria (see below), as settling these underpaid tax types…

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America’s Cup and ocean health 1200 630 TMNZ Blog
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America’s Cup and ocean health

Since our inception, we’ve donated millions of dollars to charitable and philanthropic work throughout Aotearoa. A current focus for this giving is restoring our environment. We’ve partnered with Live Ocean, the charity founded by Peter Burling and Blair Tuke to restore ocean health. As part of our podcast series The Business of Tax, we talk to Peter and Blair on America’s Cup success and the importance of a healthy ocean.

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How to sell your expertise (give it away) 1200 630 TMNZ Blog
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How to sell your expertise (give it away)

Tax is a scary thing for most people, and, as a tax specialist, you will know better than anyone, just how many business owners are intimidated by the whole area. As an expert in the field, it may help to educate both your existing clients and potential new clients on…

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How To Be Mentally Resilient In Tough Times with Ross Wilson 1200 630 TMNZ Blog
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How To Be Mentally Resilient In Tough Times with Ross Wilson

In times of rapid disruption, pandemic uncertainty and legislative changes our mental health can take a knock. How do you turn up to work every day with a smile on your face because your staff and your colleagues are watching you. In this podcast we talk to mental resilience with organisational performance consultant Ross Wilson.

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Miscalculated your tax loss carry-back? Don’t worry – help is at hand 1200 630 TMNZ Blog
  • TMNZ Blog

Miscalculated your tax loss carry-back? Don’t worry – help is at hand

Tax pooling can reduce the interest cost a taxpayer faces by up to 30 percent if they have overestimated their loss under the temporary tax loss carry-back scheme. Under the temporary Inland Revenue (IRD) scheme, those who expect to make a loss in the 2019-20 or 2020-21 income year can…

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Why do some companies fail while others prosper? 1200 630 TMNZ Blog
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Why do some companies fail while others prosper?

“It’s a funny market,” according to one business owner. “Some businesses I know are thriving, while others in the same industry are struggling just for cashflow.” The truth is that perhaps it is less a ‘funny market’ and more symptomatic of the type of market we have here in New…

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Taxing times: Are you facing a cashflow crisis in April and May? 1200 600 TMNZ Blog
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Taxing times: Are you facing a cashflow crisis in April and May?

Tax represents cash and for all businesses, cash is king – especially in April and May. After all, Inland Revenue (IRD) is expecting two tax payments over these months. The first is due tomorrow (7 April). That’s called terminal tax. If you did not pay enough tax during the 2019-20…

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Becoming a low-emission business with Thankyou Payroll 1013 551 TMNZ Blog
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Becoming a low-emission business with Thankyou Payroll

Christina Bellis, CEO at Thankyou Payroll, shares their journey to become a low-emission business. Watch the recorded webinar.

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Partnership with ATAINZ 1024 538 TMNZ Blog
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Partnership with ATAINZ

March 29, 2021 — Tax Management NZ today announces a partnership with The Accountants and Tax Agents Institute of New Zealand (ATAINZ). The partnership will advance TMNZ’s ambition to accelerate the adoption of tax pooling solutions amongst taxpayers who would benefit from genuine provisional tax flexibility. In addition, TMNZ is announcing plans…

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