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COVID-19: How tax pooling can still help taxpayers 1344 908 Lee Stace
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COVID-19: How tax pooling can still help taxpayers

IRD may be taking a more flexible approach in terms of its interest (UOMI) remission for taxpayers grappling with the financial impact of COVID-19 – but any request for relief will still be at its discretion and on its terms. As such, an IRD-approved tax pooling provider such as Tax Management NZ (TMNZ) can assist…

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COVID-19: Clarification around UOMI remission for 2019 terminal tax 1200 630 Lee Stace
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COVID-19: Clarification around UOMI remission for 2019 terminal tax

IRD will only remit interest (UOMI) for terminal tax after 7 April 2020 if a taxpayer was unable to make this payment on time due to COVID-19. It means anyone who is accruing UOMI on unpaid tax from the date of their final provisional tax instalment – or earlier dates, for that matter – for…

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Harrison Grierson mitigates provisional tax risk 1200 630 Lee Stace
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Harrison Grierson mitigates provisional tax risk

For Matthew Fleming, provisional tax is risky business as it requires a degree of crystal-ball gazing and guesswork. However, he chooses to mitigate that risk by depositing these payments into Tax Management NZ’s tax pool account. It’s a “no-brainer” because it gives him a better return if he overpays provisional tax and reduces his interest…

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Coffee with Tsarina at Shore Accounting Solutions 1200 630 Lee Stace
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Coffee with Tsarina at Shore Accounting Solutions

Tax pooling is part of the strategy Shore Accounting Solutions employs to assist businesses with managing cashflow and provisional tax payments. Tsarina Dellow (pictured above) is a chartered accountant at the two-person firm in Amberley, 45 minutes north of Christchurch. She says paying provisional tax on dates IRD prescribes can be hard on small- and…

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COVID-19: Additional tax relief announced 1200 630 Lee Stace
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COVID-19: Additional tax relief announced

IRD will have the flexibility to change statutory tax deadlines as part of new measures announced to provide relief for taxpayers during the COVID-19 pandemic. Plans are also afoot to introduce a temporary tax loss carry-back scheme and relax the tax loss continuity rules. Today’s announcement by the Government recognises taxpayers require more assistance during…

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COVID-19 update: Devil in the detail with UOMI remission 1344 756 Lee Stace
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COVID-19 update: Devil in the detail with UOMI remission

Update as at 14 April 2020 after IRD clarified its position following the publication of this article Someone who is struggling to pay tax on time due to COVID-19 will have to engage with IRD and agree to the terms of a payment plan if they want to receive a remission of interest (UOMI). Given…

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Small provisional tax changes have big consequences 1200 630 Lee Stace
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Small provisional tax changes have big consequences

A standard uplift taxpayer who files an estimate at any time will now be treated as using the estimation method for that entire tax year – meaning IRD interest will accrue from date of their first instalment if the provisional tax they have paid is not enough to satisfy their residual income tax (RIT) liability.…

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Image: Taxation (Kiwsaver, Student Loans, and Remedial Matters) Bill
Latest updates + insights on COVID-19 UOMI concession 1344 706 Lee Stace
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Latest updates + insights on COVID-19 UOMI concession

Taxpayers physically unable to pay their tax on time due to COVID-19 can also apply to have IRD interest (UOMI) remitted. The COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill – which contains several other tax measures – was passed through all its stages under urgency in Parliament yesterday. The commentary for the Bill…

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COVID-19 update: IRD to waive UOMI on late tax 1200 630 Lee Stace
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COVID-19 update: IRD to waive UOMI on late tax

IRD will have the power to wipe interest (UOMI) if those significantly impacted by COVID-19 cannot pay their tax on time. The provisional tax threshold will also increase from $2500 to $5000. The changes were announced by Minster of Finance Grant Robertson as part of the Government’s fiscal and economic response package to COVID-19. A…

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New permission levels for dashboard users 1024 683 Lloyd Evaroa
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New permission levels for dashboard users

TMNZ now offers a read-only view of our dashboard that allows users to look at arrangements and tax balances without fear of mistakenly changing anything important. A member of a tax firm or a taxpayer can view quotes, transactions and balances as part of this new permission functionality. But more importantly, users with this type…

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