Businesses

  • TMNZ Blog

Managing business cashflow in uncertain conditions
Managing business cashflow in uncertain conditions 1024 431 TMNZ Blog

Looking back at 2021 In 2021 we learnt that emerging risks can quickly disrupt business operations, strategic plans and cashflow. The pandemic, combined with volatile markets and policy changes, put strain on New Zealand businesses. Revenues that were once predictable became unstable and COVID-19 related costs emerged. The business environment in 2022 So, what can…

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  • TMNZ Blog

Payment options for 15 January provisional tax
Payment options for 15 January provisional tax 765 450 TMNZ Blog

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 overpay, because that’s money sitting…

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  • TMNZ Blog

Understanding provisional tax
Understanding provisional tax 1200 630 TMNZ Blog

What is provisional tax? How’s it calculated? When is it paid? What happens if you don’t pay? If these questions are currently occupying space in your head, don’t worry – we’re about to provide some answers. A brief overview Provisional tax breaks up the income tax you pay Inland Revenue (IRD) so that it is…

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  • TMNZ Blog

Cashflow relief for farmers impacted by flood or drought
Cashflow relief for farmers impacted by flood or drought 1200 630 TMNZ Blog

Those impacted by flooding in Canterbury or drought elsewhere in New Zealand have another option to manage their cashflow. It’s called tax pooling. It lets taxpayers defer their upcoming provisional tax payments to a time that suits them, without incurring interest (currently seven percent) and late payment penalties from Inland Revenue (IRD). The service –…

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  • TMNZ Blog

Make IRD interest, late payment penalties disappear
Make IRD interest, late payment penalties disappear 1024 683 TMNZ Blog

A missed or underpaid provisional tax payment often means a taxpayer is faced with a steep interest cost and potentially late payment penalties on top of what they owe. However, tax pooling can make that go away. A big frustration with Inland Revenue (IRD) is that it expects taxpayers to pay the correct amount of…

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  • TMNZ Blog

Audit claim data highlights level of IRD’s behind-the-scenes activity
Audit claim data highlights level of IRD’s behind-the-scenes activity 1200 630 TMNZ Blog

Inland Revenue (IRD) is still actively reviewing taxpayers despite COVID-19 and the various business disruptions the pandemic has caused in the past 12 months, according to figures released by Accountancy Insurance. They saw a 31 percent increase in claims in all categories during the 2020-21 financial year compared to the 2019-20 financial year. In terms…

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  • TMNZ Blog

Working capital solution amid timber shortage
Working capital solution amid timber shortage 1200 630 TMNZ Blog

For builders wanting to ensure they have enough materials to complete the jobs they have scheduled over the coming months amid the current timber shortage, there’s a source of funding available to them that they may have overlooked if they require working capital. It’s their provisional tax payments. And a service called tax pooling –…

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  • TMNZ Blog

Miscalculated your tax loss carry-back? Don’t worry – help is at hand
Miscalculated your tax loss carry-back? Don’t worry – help is at hand 1200 630 TMNZ Blog

Tax pooling can reduce the interest cost a taxpayer faces by up to 30 percent if they have overestimated their loss under the temporary tax loss carry-back scheme. Under the temporary Inland Revenue (IRD) scheme, those who expect to make a loss in the 2019-20 or 2020-21 income year can estimate that loss and use…

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Taxing times: Are you facing a cashflow crisis in April and May?
Taxing times: Are you facing a cashflow crisis in April and May? 1200 600 TMNZ Blog

Tax represents cash and for all businesses, cash is king – especially in April and May. After all, Inland Revenue (IRD) is expecting two tax payments over these months. The first is due tomorrow (7 April). That’s called terminal tax. If you did not pay enough tax during the 2019-20 income year, you will be…

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  • TMNZ Blog

Property tax changes announced – what you need to know
Property tax changes announced – what you need to know 1200 630 TMNZ Blog

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 10 years.A ‘change-of-use’ rule within…

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