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Are these two common business traditions losing you money? 1200 630 Colin Kennedy
  • Colin Kennedy

Are these two common business traditions losing you money?

The practice of throwing coins into a fountain – to invoke the favour of the gods – is so widespread that in some places they have notices asking the public not to toss coins into the fountain because it’s terrible for the fish. There are some modern business practices that amount to the same thing.…

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Back to the office? Not as you know it 1200 630 Colin Kennedy
  • Colin Kennedy

Back to the office? Not as you know it

Fresh out of lockdown in 2020, a lot of New Zealand companies were talking ‘working from home as the new normal’, but it hasn’t exactly worked out that way, and a remote workforce is looking increasingly unlikely – or is it? In July 2020 there were reports that the Auckland CBD economy would collapse due…

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Is FOMO hurting your advisory business? 1200 630 Colin Kennedy
  • Colin Kennedy

Is FOMO hurting your advisory business?

Remember, when you were a kid, and you would gather with other kids for sport or play, and a couple of nominated children in the group would get to choose their teams? Do you recall the feeling of dread you had that you would get picked last or even not at all? That same insecurity…

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Solve your cashflow headache and get paid on your terms 1200 630 Colin Kennedy
  • Colin Kennedy

Solve your cashflow headache and get paid on your terms

When you leave your local Mitre10 store with your new BBQ in tow, do you tell the cashier to invoice you on the 20th of the month? Have you tried that with New World, or PB Tech lately? It begs the question: Why should your businesses be any different? The ‘practice’ of paying invoices on…

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Payment options for 15 January provisional tax 1200 630 Lee Stace
  • Lee Stace

Payment options for 15 January provisional tax

One of the challenges of paying provisional tax in times of economic uncertainty is making a payment that is both appropriate and does not negatively impact your cashflow. Tax is one of the largest expenditure lines for a business, so you want to get it right. You don’t want to overpay, because that’s money sitting…

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How to avoid singing the holiday cashflow blues 1200 630 Lee Stace
  • Lee Stace

How to avoid singing the holiday cashflow blues

Cash is king and having the necessary cashflow to see you through the Christmas-early New Year holiday period is important. We say that because the most challenging payment date on the tax calendar – 15 January – is drawing near. And if your cashflow is a bit of a dog’s breakie, then you would be…

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How to grow your tax advisory through thought leadership 1200 630 Colin Kennedy
  • Colin Kennedy

How to grow your tax advisory through thought leadership

There’s a so-called old piece of wisdom that says: “Absence makes the heart grow fonder.” In reality, it is an old wives’ tale because it isn’t true – not for relationships and not for tax advisory businesses. If you want more business, if you want more referrals and more growth, you need to up your ‘visibility’…

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How to overcome the pain of tax procrastination 1200 630 Colin Kennedy
  • Colin Kennedy

How to overcome the pain of tax procrastination

With Inland Revenue (IRD) currently charging a penalty of seven percent interest, you would think that every single business owner in New Zealand would be highly motivated to get their tax issues sorted. Why then, is tax procrastination a problem? Tax is an obligation. We have no choice but to get on top of it.…

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Image: Tax refund
Accessing overpaid tax faster in uncertain times 1200 630 Lee Stace
  • Lee Stace

Accessing overpaid tax faster in uncertain times

Cash is king and being able to get your mitts on it quickly in an unpredictable world where circumstances can – and do – change in an instance is priceless. Just ask the taxpayers who were able to access the provisional tax payments they had deposited in the tax pooling account of Tax Management NZ…

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TMNZ is Now a Partner of Live Ocean 1200 630 Lloyd Evaroa
  • Lloyd Evaroa

TMNZ is Now a Partner of Live Ocean

On Thursday, 15 October 2020 TMNZ announced a new partnership with Live Ocean. The announcement at Akarana Yacht Club, where TMNZ used to have their HQ and Live Ocean founders Blair Tuke and Peter Burling first sailed a 49er, aims to turn around some pretty worrying stats about the state of our ocean by accelerating positive…

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IRD eyeing cryptoassets: Tax implications for investors 1200 630 Lee Stace
  • Lee Stace

IRD eyeing cryptoassets: Tax implications for investors

Come clean or expect Inland Revenue (IRD) to come calling. For investors who are unaware of their tax obligations, this is the situation they face in the wake of the New Zealand tax department exercising its powers under the Tax Administration Act 1994 to request customer information from companies dealing with cryptoassets. This appears to…

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Important considerations: 28 October provisional tax 1200 630 Lee Stace
  • Lee Stace

Important considerations: 28 October provisional tax

The outbreak of COVID-19 is making it even trickier to work out how much provisional tax to pay, not to mention finding the funds to pay it. That’s why, with 28 October approaching, we’re going to offer a couple of pointers to consider as you look to manage this uncertainty in a pandemic-impacted environment. This…

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Three tax pooling solutions for businesses impacted by COVID-19 1200 630 Lee Stace
  • Lee Stace

Three tax pooling solutions for businesses impacted by COVID-19

IRD has announced a suite of tax relief measures during COVID-19 to help struggling businesses. However, a tax pooling provider such as Tax Management NZ (TMNZ) offers some solutions of its own for those wishing to manage cashflow, facing uncertainty about their profitability or needing access to funds during this difficult economic time: Provisional tax…

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Image: ABC
Standard uplift method: Things accountants should know 1200 630 Lee Stace
  • Lee Stace

Standard uplift method: Things accountants should know

Need a refresher on standard uplift and how the rules around this provisional tax calculation method work? Don’t worry – we’ve got your back. Below are some of the important things an accountant should know. It has been put together based on the queries we are receiving in the lead up to the 28 August…

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Increased provisional tax threshold: Legislative application 765 450 Lee Stace
  • Lee Stace

Increased provisional tax threshold: Legislative application

The rules that determine whether someone must pay provisional tax are still the same in terms of how IRD applies them. However, what’s not the same for the 2021 and future tax years is the point at which they are applicable to a taxpayer. That’s the important thing to remember if you’re struggling to wrap…

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Image: Anti-money laundering
Anti-money laundering requirements and tax pooling 1344 820 Lee Stace
  • Lee Stace

Anti-money laundering requirements and tax pooling

Updated 12 October 2020 Tax Management NZ (TMNZ) must now conduct a limited form of customer due diligence on all clients as part of recent changes to anti-money laundering (AML) requirements. As such, we will be collecting information about the taxpayers using our service and asking anyone acting on their behalf to supply some basic…

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Increased provisional tax threshold explained 1200 630 Lee Stace
  • Lee Stace

Increased provisional tax threshold explained

A taxpayer has no obligation to pay provisional tax for the 2020-21 income year if their liability for the previous year was $5000 or less. In most cases, any income tax payable for the upcoming year will be due at their terminal tax date. That said, there are some exceptions to this rule. We are…

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COVID-19 provisional tax interest remission: What you need to know 1200 630 Lee Stace
  • Lee Stace

COVID-19 provisional tax interest remission: What you need to know

Updated 11 August 2020 Small- and medium-sized taxpayers may no longer have to pay interest if they underpay provisional tax as a result of miscalculating the impact COVID-19 has on their profitability for the 2020-21 income year. However, while this concession is a major boon ahead of the 28 August 2020 payment date for those…

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GST ratio timeframe extended 1200 630 Lee Stace
  • Lee Stace

GST ratio timeframe extended

IRD has extended the timeframe for taxpayers to elect to use the GST ratio method in the wake of COVID-19. They now have until 19 August 2020 or the day before the start of their 2020-21 income year, depending on which is later, to opt in. Normally someone who is eligible to calculate their provisional…

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Image: Stopwatch
Deadline approaching for non-COVID-19 taxpayers 1200 630 Lee Stace
  • Lee Stace

Deadline approaching for non-COVID-19 taxpayers

Options in the marketplace are available to help those NOT affected by COVID-19 pay their TMNZ arrangement for the 2019 tax year within the required legislative timeframe. We are mentioning this as we know there will be taxpayers short on cash right now who unfortunately won’t meet the criteria to receive the deadline extension announced…

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