Businesses

Image: 28 August provisional tax reminder.
  • Lee Stace
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28 August provisional tax: Don’t forget IRD interest rise
28 August provisional tax: Don’t forget IRD interest rise 1200 630 Lee Stace

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

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

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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Image: IRD interest
  • Lee Stace
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IRD interest changes
IRD interest changes 1200 630 Lee Stace

The cost of getting provisional tax payments wrong is about to increase next month – but not with TMNZ. Indeed, IRD interest rates are going to change and the news is not good for taxpayers. IRD is increasing the interest it charges taxpayers if they underpay or fail to pay their tax on time from…

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  • Jade Robertson
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Coffee with Ann from Q2 Accountants
Coffee with Ann from Q2 Accountants 1200 630 Jade Robertson

Have you ever wanted to sit down with an accountant and discuss topics related to business and provisional tax in depth? We were given the opportunity to do just that with Ann Cooper Smith, the Founder & Chief Executive of Q2 Accountants.If you don’t know who Ann is, she is a chartered accountant with 30…

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Image: New provisional taxpayer first year trading
  • Lee Stace
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First year of trading and provisional tax
First year of trading and provisional tax 1200 630 Lee Stace

What are a taxpayer’s provisional tax obligations in their first year of trading? This is a question we receive a lot. In fact, there is certainly a lot of confusion out there. As most know, their first year of trading is not tax-free. However, when income tax is due and payable depends on a taxpayer’s…

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Photo: Prodigy Hair Industry's Krystle Walker
  • Lee Stace
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Prodigy Hair Industry cuts tax stress
Prodigy Hair Industry cuts tax stress 1920 1282 Lee Stace

Krystle Walker from Prodigy Hair Industry loves cutting and styling hair. She does not love provisional tax. That’s why she utilises the service of TMNZ. They cut away the stress this causes her so she can focus on running and improving her salon.   But more on that in the coming paragraphs. First, some background…

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Image: Tax pooling transfers delay
  • Lee Stace
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Long delays expected for tax pooling transfers
Long delays expected for tax pooling transfers 1200 630 Lee Stace

IRD is taking longer to process tax pooling transfers for the 2018 tax year. They advise they are not processing these automatically as their system is not remitting interest and late payment penalties for taxpayers using tax pooling. As such, they are flagging these accounts so their tax pooling team can edit them manually. IRD…

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Image: 2018 income tax arrangement
  • Lee Stace
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2018 income tax arrangements: Options as final TMNZ deadline looms
2018 income tax arrangements: Options as final TMNZ deadline looms 1200 630 Lee Stace

The final payment date for taxpayers with a 7 April terminal tax date to pay their 2018 income tax arrangement via TMNZ is 18 June 2019. Legislation prevents TMNZ from helping beyond 75 days after a taxpayer’s terminal tax date. Unpaid Flexitax® or Tax Finance balances will incur IRD interest and late payment penalties. IRD…

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  • 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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