Businesses

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

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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  • Lloyd Evaroa
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New provisional tax calculator
New provisional tax calculator 957 538 Lloyd Evaroa

Simplifying provisional tax is something we are always working on. Our new provisional tax calculator helps you by removing the time and strain of calculating your payments. Key developments This is a new tool to calculate provisional and terminal tax liabilities. As we detail below, you just need a few details to work out what…

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  • Lee Stace
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Dealing with IRD’s Christmas present
Dealing with IRD’s Christmas present 1200 630 Lee Stace

Where is IRD’s Christmas spirit? It’s a question many business owners often find themselves asking in December. The reason this thought occupies space in their minds is simple. On 15 January, IRD expects many to pay their second instalment of provisional tax for the 2018-19 income year. They also gleefully await a GST payment. Now…

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Paying provisional tax: The ONE thing you must know
  • Lee Stace
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Paying provisional tax: The ONE thing you must know
Paying provisional tax: The ONE thing you must know 1200 630 Lee Stace

Many a business owner is familiar with paying provisional tax. And the reason they are familiar with it is because they do not like paying it. There are myriad reasons why. But perhaps the biggest issue of paying provisional tax is the inflexibility of IRD. They want you to pay on the dates they set.…

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  • Lee Stace
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New TMNZ Reports now live
New TMNZ Reports now live 650 351 Lee Stace

 We are happy to announce our new, simple-to-use TMNZ Reports are available on your dashboard to view and export. This means you can now easily see all relevant information relating to TMNZ payments and transactions made by taxpayers you manage in one place. Reports are an area we have been working hard to improve…

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Image: Working capital
  • Lee Stace
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Tax Finance: An alternative funding source
Tax Finance: An alternative funding source 1200 630 Lee Stace

Growing a business is hard yakka. More specifically, it costs money. And therein lies a problem for many small business owners: Cashflow. In fact, it’s not a problem. It’s a major problem. According to Xero’s Small Business Insights data for June, less than half of those who took the survey have positive cashflow. Less than…

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Image: IRD audit
  • Lee Stace
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IRD audit – how to survive one
IRD audit – how to survive one 1200 630 Lee Stace

IRD audit activity is ramping up. It is monitoring tradies and those operating restaurants, bars, cafes and takeaways closely. After all, it’s noticing a high level of non-compliance by some working in the construction and hospitality sectors. They include business owners who are not declaring part or in some cases all of the income they…

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  • Lee Stace
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Tips for paying 28 August provisional tax
Tips for paying 28 August provisional tax 1200 630 Lee Stace

Are you due to pay 28 August provisional tax? For many businesses, this will be their first instalment of provisional tax for the 2018-19 income year. It’s important to stump up what you owe on this date. IRD won’t hesitate in charging steep interest of 8.22 percent and late payment penalties if you don’t. Below…

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  • Lee Stace
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IRD payment plan alternative
IRD payment plan alternative 1200 800 Lee Stace

Barbers and Merchants owner Josh Monaghan has a message for provisional taxpayers contemplating entering an IRD payment plan: There’s a better option. It’s Tax Management NZ (TMNZ) – and it’s who he turns to when needing more time to pay his provisional tax. Like many small businesses owners, managing Barbers and Merchants’ cashflow can be…

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  • Lee Stace
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Accounting income method: Pros and cons
Accounting income method: Pros and cons 765 450 Lee Stace

The accounting income method (AIM) is certainly generating plenty of chatter among small business owners. Last month, we provided a detailed analysis on IRD’s new provisional tax payment method that was, er, aimed (forgive the pun) at accountants. Below we offer a simplified list of the pros and cons of AIM. These are the things…

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