Businesses

How to avoid singing the holiday cashflow blues

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

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…

read more

How to overcome the pain of tax procrastination

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

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.…

read more
Image: Tax refund

Accessing overpaid tax faster in uncertain times

Accessing overpaid tax faster in uncertain times 1200 630 Lee Stace

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…

read more

IRD eyeing cryptoassets: Tax implications for investors

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

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…

read more

Important considerations: 28 October provisional tax

Important considerations: 28 October provisional tax 1200 630 Lee Stace

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…

read more

Three tax pooling solutions for businesses impacted by COVID-19

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

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…

read more

Increased provisional tax threshold explained

Increased provisional tax threshold explained 1200 630 Lee Stace

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…

read more

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

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

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…

read more
Image: Stopwatch

Deadline approaching for non-COVID-19 taxpayers

Deadline approaching for non-COVID-19 taxpayers 1200 630 Lee Stace

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…

read more

COVID-19: IRD extends tax pooling deadline

COVID-19: IRD extends tax pooling deadline 1200 630 Lee Stace

Updated 19 June 2020 Anyone impacted by COVID-19 will have 365 days after their terminal tax date to settle 2019 income tax arrangements with TMNZ, subject to meeting certain criteria. IRD has used its new discretionary powers in s6I Tax Administration Act 1994 to extend the legislative deadline after recognising the cashflow difficulties some taxpayers…

read more
X