Image: Residential property
Property tax changes announced – what you need to know 1200 630 TMNZ Blog
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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…

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Core feature updates to our dashboard 1561 808 TMNZ Blog
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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 TMNZ Blog
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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…

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

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We’ve made provisional tax easier 1344 896 TMNZ Blog
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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…

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How to protect your cashflow in a time of personal crisis 1200 630 TMNZ Blog
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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…

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Self-reliance key to surviving rolling snap lockdowns 1200 630 TMNZ Blog
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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…

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How to design a business process 1200 630 TMNZ Blog
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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…

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IRD payment allocation rules explained 1200 630 TMNZ Blog
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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…

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Don’t forget tax pooling as IRD targets residential property 1200 630 TMNZ Blog
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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…

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Are these two common business traditions losing you money? 1200 630 TMNZ Blog
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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…

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Back to the office? Not as you know it 1200 630 TMNZ Blog
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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…

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Is FOMO hurting your advisory business? 1200 630 TMNZ Blog
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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…

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Solve your cashflow headache and get paid on your terms 1200 630 TMNZ Blog
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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…

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Payment options for 15 January provisional tax 1200 630 TMNZ Blog
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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…

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How to avoid singing the holiday cashflow blues 1200 630 TMNZ Blog
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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…

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How to grow your tax advisory through thought leadership 1200 630 TMNZ Blog
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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…

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How to overcome the pain of tax procrastination 1200 630 TMNZ Blog
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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…

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Accessing overpaid tax faster in uncertain times 1200 630 TMNZ Blog
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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…

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TMNZ is Now a Partner of Live Ocean 1200 630 TMNZ Blog
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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…

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