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Image: IRD interest
IRD interest changes 1200 630 Lee Stace
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IRD interest changes

The cost of getting provisional tax payments wrong is about to increase – but not with TMNZ. IRD interest rates are going to change and the news is not good for taxpayers. IRD is increasing the interest it charges taxpayers if they underpay or fail to pay their provisional tax on time from 8.22 percent…

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Coffee with Ann from Q2 Accountants 1200 630 Jade Robertson
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Coffee with Ann from Q2 Accountants

Have you ever wanted to sit down with an accountant and discuss topics related to business and provisional tax in depth? We were given the opportunity to do just that with Ann Cooper Smith, the Founder & Chief Executive of Q2 Accountants. If you don’t know who Ann is, she is a chartered accountant with…

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Image: New provisional taxpayer first year trading
First year of trading and provisional tax 1200 630 Lee Stace
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First year of trading and provisional tax

What are a taxpayer’s provisional tax obligations in their first year of trading? This is a question we receive a lot. In fact, there is certainly a lot of confusion out there. As most know, their first year of trading is not tax-free. However, when income tax is due and payable depends on a taxpayer’s…

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Image: Tax Policy Scholarship Competition
Tax Policy Scholarship Competition finalists 1200 801 Lee Stace
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Tax Policy Scholarship Competition finalists

A negative income tax coupled with a flat tax rate for individuals and the creation of a trusted taxpayer regime. These are among the ideas judges will hear as part of the Tax Policy Scholarship Competition. A tax on biogenic methane emissions and freshwater as well as reforming the R&D tax credit regime are the…

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Photo: Prodigy Hair Industry's Krystle Walker
Prodigy Hair Industry cuts tax stress 1920 1282 Lee Stace
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Prodigy Hair Industry cuts tax stress

Krystle Walker from Prodigy Hair Industry loves cutting and styling hair. She does not love provisional tax. That’s why she utilises the service of TMNZ. They cut away the stress this causes her so she can focus on running and improving her salon.   But more on that in the coming paragraphs. First, some background…

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Provisional tax calculator walkthrough 957 538 Lloyd Evaroa
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Provisional tax calculator walkthrough

 The goal of our provisional tax calculator is to make working out taxpayer liabilities more efficient. Here is what we cover below and how you can skip forward for future reference. Why we made the calculator? 3:24 Working out liability 5:13 Working out the best time to file 11:10 First year trading example 13:04…

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10 real world cases of robotic process automation (RPA) in accounting 974 597 Daniel Pullen

10 real world cases of robotic process automation (RPA) in accounting

Robotic Process Automation (RPA) in Accounting The future of robotic process automation (RPA) is looking brighter and brighter, as software robots become more and more prevalent cross-industry. The Deloitte Global RPA Survey estimates not more than 5 years before near-universal RPA adoption. Accordingly, we’re taking a look today at the effects and application areas of…

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Image: Tax pooling transfers delay
Long delays expected for tax pooling transfers 1200 630 Lee Stace
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Long delays expected for tax pooling transfers

IRD is taking longer to process tax pooling transfers for the 2018 tax year. They advise they are not processing these automatically as their system is not remitting interest and late payment penalties for taxpayers using tax pooling. As such, they are flagging these accounts so their tax pooling team can edit them manually. IRD…

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Image: 2018 income tax arrangement
2018 income tax arrangements: Options as final TMNZ deadline looms 1200 630 Lee Stace
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2018 income tax arrangements: Options as final TMNZ deadline looms

The final payment date for taxpayers with a 7 April terminal tax date to pay their 2018 income tax arrangement via TMNZ is 18 June 2019. Legislation prevents TMNZ from helping beyond 75 days after a taxpayer’s terminal tax date. Unpaid Flexitax® or Tax Finance balances will incur IRD interest and late payment penalties. IRD…

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Cashflow survival: Dealing with terminal, provisional tax 1200 630 Lee Stace
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Cashflow survival: Dealing with terminal, provisional tax

The months of April and May can really tax your cashflow. Let me explain. On 7 April, IRD expects you to pay terminal tax for the 2018 income year. Terminal tax means a taxpayer did not pay enough provisional tax for the previous year. As such, they need to square up the difference. To make…

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