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Dealing with IRD’s Christmas present 1200 630 Lee Stace
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Dealing with IRD’s Christmas present

Where is IRD’s Christmas spirit? It’s a question many business owners often find themselves asking in December. The reason this thought occupies space in their minds is simple. On 15 January, IRD expects many to pay their second instalment of provisional tax for the 2018-19 income year. They also gleefully await a GST payment. Now…

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Future of Tax Symposium: Sir Michael Cullen
TMNZ promotes broader tax thinking via Tax Policy Charitable Trust 1200 630 Lee Stace
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TMNZ promotes broader tax thinking via Tax Policy Charitable Trust

TMNZ was proud to support a Tax Policy Charitable Trust event which allowed those working in tax to present and discuss the Tax Working Group’s interim report. The Future of Tax Symposium recently took place in association with Auckland University and Victoria University of Wellington. TWG chairman Sir Michael Cullen was there to give the…

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Paying provisional tax: The ONE thing you must know
Paying provisional tax: The ONE thing you must know 1200 630 Lee Stace
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Paying provisional tax: The ONE thing you must know

Many a business owner is familiar with paying provisional tax. And the reason they are familiar with it is because they do not like paying it. There are myriad reasons why. But perhaps the biggest issue of paying provisional tax is the inflexibility of IRD. They want you to pay on the dates they set.…

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New TMNZ Reports now live 650 351 Lee Stace
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New TMNZ Reports now live

 We are happy to announce our new, simple-to-use TMNZ Reports are available on your dashboard to view and export. This means you can now easily see all relevant information relating to TMNZ payments and transactions made by taxpayers you manage in one place. Reports are an area we have been working hard to improve…

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Image: Working capital
Tax Finance: An alternative funding source 1200 630 Lee Stace
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Tax Finance: An alternative funding source

Growing a business is hard yakka. More specifically, it costs money. And therein lies a problem for many small business owners: Cashflow. In fact, it’s not a problem. It’s a major problem. According to Xero’s Small Business Insights data for June, less than half of those who took the survey have positive cashflow. Less than…

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Image: IRD audit
IRD audit – how to survive one 1200 630 Lee Stace
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IRD audit – how to survive one

IRD audit activity is ramping up. It is monitoring tradies and those operating restaurants, bars, cafes and takeaways closely. After all, it’s noticing a high level of non-compliance by some working in the construction and hospitality sectors. They include business owners who are not declaring part or in some cases all of the income they…

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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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