TMNZ Blog

News & resources for business flexibility, cashflow and capital expenditure

How to diversify your business 1200 535 Colin Kennedy

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 both good times and bad.…

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Commissioner’s discretion for tax pooling 1200 630 Lee Stace

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 through an approved tax pooling…

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America’s Cup and ocean health 1200 630 Lloyd Evaroa

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 Colin Kennedy

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 just how you can help…

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How To Be Mentally Resilient In Tough Times with Ross Wilson 1200 630 Lloyd Evaroa

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 Lee Stace

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 estimate that loss and use…

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Why do some companies fail while others prosper? 1200 630 Colin Kennedy

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 Zealand and, importantly, how we…

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

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 income year, you will be…

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Becoming a low-emission business with Thankyou Payroll 1013 551 Lloyd Evaroa

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 Lloyd Evaroa

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 to commence offers and opportunities…

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Image: Residential property
Property tax changes announced – what you need to know 1200 630 Lee Stace

Property tax changes announced – what you need to know

Property investors will no longer be able to offset their interest expenses against rental income when calculating their tax. This is one of three tax measures announced today by the Government as it attempts to cool the overheating New Zealand housing market. The others include: Extending the bright-line test to 10 years. A ‘change-of-use’ rule…

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Core feature updates to our dashboard 1561 808 Lloyd Evaroa

Core feature updates to our dashboard

Our Partnerships Director, James Stuart, covers the core feature updates in our upgraded dashboard. In this post you’ll find the timestamps for the webinar.

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How tax agents can kick the hourly billing habit 1200 630 Colin Kennedy

How tax agents can kick the hourly billing habit

It doesn’t matter how many times you hear this question; there aren’t many other questions quite as capable of putting an expert practitioner on the spot like a butterfly pinned to a display cabinet than the dreaded: ‘What’s it going to cost?’ For accountants, lawyers and others who sell their expertise, it sometimes seems the…

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Terminal tax isn’t due until 7 April – so why’s IRD already charging interest? 1200 630 Lee Stace

Terminal tax isn’t due until 7 April – so why’s IRD already charging interest?

Just because a terminal tax amount for the 2019-20 income year is not due and payable until 7 April does not mean Inland Revenue (IRD) is not already charging interest. Why is this happening, you may be asking? There could be several reasons. The method used to calculate your provisional tax payments, your income tax…

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We’ve made provisional tax easier 1344 896 Lloyd Evaroa

We’ve made provisional tax easier

We’ve made some changes to the way our dashboard works. It’s easier to navigate, the number of steps required for working with us is reduced and seeing the status of a taxpayer arrangement is the first thing you see. Navigate without needing to read a manual You can use the left-hand navigation sidebar or the…

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How to protect your cashflow in a time of personal crisis 1200 630 Colin Kennedy

How to protect your cashflow in a time of personal crisis

Illusions of invulnerability – to feel somehow bulletproof – is often attributed to adolescents. In truth, more than 80 percent of the population have an optimism bias; we don’t believe bad things will happen to us. It is a luxury that business owners cannot afford to entertain. Plagues may sweep the world. Our friends and…

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Self-reliance key to surviving rolling snap lockdowns 1200 630 Colin Kennedy

Self-reliance key to surviving rolling snap lockdowns

The prospect of COVID-19 continuing to flare up around New Zealand and of alert levels being raised, even for between three and seven days, implies business owners could face a smattering of these disruptive, short-lived lockdowns for much of 2021. For any businesses reliant on foot traffic and person-to-person services these short, but still brutish,…

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How to design a business process 1200 630 Colin Kennedy

How to design a business process

Dan Robbins died last year, aged 93, and you’ve probably never heard of him. You will, however, understand his relevance to business processes when you learn that Robbins invented the famous paint-by-numbers kits during the 1940s. Dan himself took inspiration from Leonardo da Vinci, who used number patterns to train his apprentices. If da Vinci…

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IRD payment allocation rules explained 1200 630 Lee Stace

IRD payment allocation rules explained

Provisional tax payments made on or before the date of the final instalment for the year are applied to the oldest overdue tax amount first while payments made after the date of the final instalment are applied to the interest owing on any overdue tax first, then the overdue tax amount. The IRD payment allocation…

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Image: Residential property
Don’t forget tax pooling as IRD targets residential property 1200 630 Lee Stace

Don’t forget tax pooling as IRD targets residential property

Tax pooling can reduce the interest cost by up to 30 percent and eliminate late payment penalties if someone owes additional tax for failing to declare property transactions captured under the bright-line test. An approved provider of the service such as Tax Management NZ (TMNZ) can help with income tax that arises from residential property…

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