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Setting up a 2018-19 income year payment plan with Flexitax 1200 630 Lee Stace
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Setting up a 2018-19 income year payment plan with Flexitax

Many of your clients will pay their first instalment of provisional tax for the 2018-19 income year on 28 August. As such, now’s an opportune time to mention Flexitax as you discuss tax planning and cashflow management with them. We recommend using this to set up a provisional tax payment plan for the 2018-19 income…

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Tips for paying 28 August provisional tax 1200 630 Lee Stace
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Tips for paying 28 August provisional tax

Are you due to pay 28 August provisional tax? For many businesses, this will be their first instalment of provisional tax for the 2018-19 income year. It’s important to stump up what you owe on this date. IRD won’t hesitate in charging steep interest of 8.22 percent and late payment penalties if you don’t. Below…

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IRD payment plan alternative 1200 800 Lee Stace
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IRD payment plan alternative

Barbers and Merchants owner Josh Monaghan has a message for provisional taxpayers contemplating entering an IRD payment plan: There’s a better option. It’s Tax Management NZ (TMNZ) – and it’s who he turns to when needing more time to pay his provisional tax. Like many small businesses owners, managing Barbers and Merchants’ cashflow can be…

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Accounting income method: Pros and cons 765 450 Lee Stace
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Accounting income method: Pros and cons

The accounting income method (AIM) is certainly generating plenty of chatter among small business owners. Last month, we provided a detailed analysis on IRD’s new provisional tax payment method that was, er, aimed (forgive the pun) at accountants. Below we offer a simplified list of the pros and cons of AIM. These are the things…

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Late payments from clients don’t have to impact cashflow 765 450 Lee Stace
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Late payments from clients don’t have to impact cashflow

Peter and Heather Wavish, owners of Specialist Glass Cleaning and Protection Late payments from clients can affect cashflow and make it difficult to satisfy other obligations. It’s something Heather and Peter Wavish, owners of Specialist Glass Cleaning and Protection, know well. Hence they turn to Tax Management NZ (TMNZ) to mitigate the ramifications this has…

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2017 income tax deadlines looming 765 450 Lee Stace
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2017 income tax deadlines looming

Deadlines to pay 2017 income tax through TMNZ are fast approaching. We understand some clients might not be able to pay by then. However, there are options you may wish to consider if cashflow constraints will prevent you from settling your Flexitax or Tax Finance arrangements within the required timeframe. TMNZ deadlines – when must…

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AIM - the accounting income method
What IRD isn’t saying about AIM 7360 4330 Lee Stace
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What IRD isn’t saying about AIM

The accounting income method – AIM – will be available to businesses to calculate their provisional tax payments using approved accounting software from 1 April. The concept is simple: Those with turnover of less than $5 million will make provisional tax payments when they earn their income, based on accounting profit. Inland Revenue (IRD) has…

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The results – 2017 TMNZ charitable giving 1920 1907 Lloyd Evaroa
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The results – 2017 TMNZ charitable giving

Nearly 2500 Facebook users have helped Tax Management NZ (TMNZ) decide how we will donate $20,000 to charity this Christmas. Each year, we get into the festive spirit by giving money to charitable organisations to acknowledge the good work they do in the community. KidsCan, Mental Health Foundation, Forest & Bird, Tearfund and Rhema Media…

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Our 2017 giving project 600 367 Lloyd Evaroa
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Our 2017 giving project

In the lead-up to Christmas last year, TMNZ gave our clients the gift of giving by letting them choose how much we donated to charity. We have decided to show the same festive season spirit this year, albeit with a small change. We’re giving more and letting all Kiwis get amongst the voting. TMNZ plans…

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Filing-income-tax-return
Filing a 2017 income tax return? Remember this 765 450 Lee Stace
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Filing a 2017 income tax return? Remember this

Basing your uplift calculation on last year (2017) or two years’ prior (2016) could result in a lower liability for your first two provisional tax dates.

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