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Image: Taxation (Kiwsaver, Student Loans, and Remedial Matters) Bill
TMNZ’s submission on Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill 1344 706 Lee Stace
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TMNZ’s submission on Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill

TMNZ supports all but one of the proposed provisional tax amendments in the Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill. We made a submission on the Bill last week after receiving feedback from clients. In it, we share our thoughts on the following proposed amendments to provisional tax: Eliminating the requirement to estimate at…

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How to find a great accountant: six qualities to look for 1200 630 Jade Robertson
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How to find a great accountant: six qualities to look for

Thousands of independent business owners have an awful habit. While steadily pedaling up the mountain of expansion, new hires, building a great brand, and newfound social media fame, these business owners attempt to juggle their tax payments and financial accounts with their little remaining time. “We know our business best, so we’d may as well…

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Image: IRD interest calculations
Failing to pay cents costing thousands in IRD interest 1344 820 Lee Stace
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Failing to pay cents costing thousands in IRD interest

**Update on 19 December 2019** IRD are fixing this issue and introducing a $20 threshold so taxpayers aren’t thrown out of safe harbour and charged use-of-money interest if they short pay provisional tax by a few cents. They are in the process of fixing up accounts that were charged in these situations. Original article published…

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Image: Safe harbour provision.
28 August provisional tax: Don’t forget IRD interest rise 1200 630 Lee Stace
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28 August provisional tax: Don’t forget IRD interest rise

For many, the 28 August provisional tax instalment is the first for the 2020 tax year – and failing to pay on time will cost taxpayers more money. That’s because the interest IRD charges when tax is unpaid or underpaid is increasing from 8.22 percent to 8.35 percent. The new rate will apply the day…

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Image: Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill
Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill: Have your say on provisional tax changes 1200 630 Lee Stace
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Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill: Have your say on provisional tax changes

The Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill contains six amendments that IRD says will clarify and align provisional tax legislation with its system. The proposed amendments are: Eliminating the requirement to estimate at the final instalment date for provisional tax Clarifying the ‘lesser of’ calculation of interest for standard uplift taxpayers Clarifying the…

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Image: Walker & Co Real Estate owners Lee And Marc Walker
Walker & Co Real Estate remedy big provisional tax problem 1200 630 Lee Stace
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Walker & Co Real Estate remedy big provisional tax problem

Provisional tax is not without its challenges. Marc and Lee Walker from Walker & Co Real Estate know this all too well. The husband and wife duo do not take umbrage at paying tax. No siree Bob. It’s part and parcel of being in business. And they accept it ain’t going away. But they do…

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Image: Auckland Sky Tower
TMNZ stepping up for Leukaemia & Blood Cancer New Zealand 1200 630 Denise Pimentel
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TMNZ stepping up for Leukaemia & Blood Cancer New Zealand

TMNZ staff are raising money for Leukaemia & Blood Cancer New Zealand by racing up the tallest building in the Southern Hemisphere next month. Grace Evetts, Mara Fisher, Neil Bhattacharya, Jatin Sharma and Lee Stace – collectively known as the ‘TMNZ Fast Five’ – are participating in this year’s Step Up Sky Tower Stair Challenge…

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Image: Accounting Income Method (AIM)
Accounting income method: When cashflow doesn’t match accounting profit 1200 630 Lee Stace
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Accounting income method: When cashflow doesn’t match accounting profit

IRD’s marketing material boasts the accounting income method (AIM) means taxpayers only pay provisional tax when they make a profit. But what it neglects to convey is what happens if an AIM user making a profit has no money in their bank account to pay tax when it is due. The answer? Bad things. IRD…

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Five great accounting tips for small and medium businesses 1200 630 Jade Robertson
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Five great accounting tips for small and medium businesses

Getting the right small business accounting advice is vital for the success and growth of your small business. Here are five essential tips to help organise accounting for your small business. Keep a record of tax deadlines Knowing when business taxes are due throughout the financial year is crucial for the health of your small…

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Smart Donation Discontinuation 1200 630 Jade Robertson
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Smart Donation Discontinuation

The IRD have made claiming donations easier than ever before. The process takes about 15 minutes from start to finish with the rebate issued within 24 hours, if not instantly. The space Smart Donation once filled is replaced by IRD because of the simplicity and proficiency of their website. To claim your rebate you will…

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