Yes, all payments made to us are made into bank accounts administered by an independent trustee, Guardian Trust. With more than 125 years’ experience in New Zealand, Guardian Trust oversees our tax pool account at IRD in which payments are held. They authorise all payments and tax refunds, as well as transfers to taxpayer accounts. At no stage do we have any contact with, or access to, your payments.
We can help manage provisional or terminal tax payments for the current tax year or one just completed. We can also help with other types of tax such as GST and PAYE if you have received a notice of reassessment from IRD due to a voluntary disclosure or IRD audit.
We allow you to do tax on your terms by giving you greater flexibility over how and when you make your income tax payments, while also reducing IRD interest and eliminating late payment penalties. We also give you more time to pay what you owe.
We give you an extra 75 days past your terminal tax date to pay provisional or terminal tax payments for the current year or one just completed. If you have received a notice of reassessment from IRD, you have an extra 60 days from the date this correspondence was issued to pay the additional tax you owe.
IRD is mainly concerned with receiving the correct amount of tax from taxpayers. It supports the payment options we offer because they allow taxpayers to reduce their compliance costs while ensuring they pay the tax they owe throughout the year in a timely manner.
No, there is no charge to register with us or receive our specialist tax pooling advice.
Signing up with us is fast and easy. Simply click on the link here and follow the instructions. Once you have confirmed your registration with TMNZ, you then add the taxpayer(s) whose tax affairs you manage.
Flexitax® is a way to purchase tax that allows you to manage cashflow so you can make income tax payments how and when it suits you, while saving up to 30 percent on IRD interest and eliminating late payment penalties. This can be used for missed, underpaid or upcoming provisional tax payments for the current tax year or one just completed. Flexitax® lets you pay what you want, when you want. You can pay provisional tax in one lump sum or spread out payments over time (up to 75 days after your terminal tax date).
Tax Finance lets you put in place an arrangement to defer payment of an upcoming provisional tax payment to a time in the future that suits you, without having to worry about IRD late payment penalties. It is another way to manage cashflow, and a low-cost way to free up working capital.
Flexitax® gives you the flexibility to chip away at the tax you purchase by allowing you to pay what you want, when you want, with our interest recalculated on the remaining tax owing each month. Tax Finance allows you to lock in a fixed rate because you are arranging in advance to pay the full amount at an agreed upon date in the future.
Tax Audit can be used if it is discovered you owe more provisional tax, terminal tax, PAYE, RWT, NRWT, FBT and GST than you initially paid to IRD. There are some conditions, though: The tax return must have been filed and only the difference between the assessed and reassessed amount of tax owed can be paid through us. Please note that you only have 60 days from the date the IRD notice of reassessment was issued to use Tax Audit.
We pay tax into our tax pool account at IRD on each provisional tax date and these payments are date-stamped. Upon receiving your payment, TMNZ arranges the amount of tax at the provisional tax date you require to be transferred from its tax pool account to your IRD account. IRD treats each payment as if it was paid on the original date it was due, removing any interest and late payment penalties incurred.
Anyone who pays substantial amounts of tax and experiences huge fluctuations in their income due to volatility will find this to be a valuable addition to their risk management strategy.
Making your provisional tax payments into the TMNZ tax pool gives you access to our full suite of products to manage your tax affairs. This includes: The ability to earn more interest on overpaid tax by selling it to another taxpayer; Being able to swap surplus tax at one provisional tax date to another to even out your payment profile; Using funds held in the pool as collateral to draw down short-term funds at attractive rates; Faster refunds (three to five working days), and without having to file a return; Access to expert tax pooling advice to help optimise your payments.
Rather than paying tax directly to IRD on your provisional tax dates, you make these payments into a bank account administered by Guardian Trust. Your deposits are date stamped and held in the TMNZ tax pool account at IRD. Guardian Trust records in its tax pool registry that these deposits belong to you. After finalising your return, you arrange to transfer what you need from the TMNZ tax pool to your IRD account to settle your income tax liability.
Yes, we will send you reminders notifying you that your next instalment of provisional tax is due and the date by which you need to make payment. Payment instructions will also be included in these reminders.
No, you can make one deposit for group entities into the TMNZ tax pool and arrange distribution of the tax once you have finalised your returns.
Absolutely. Any deposits made into the TMNZ tax pool can be refunded, transferred to your IRD account, sold or used as collateral to draw down short-term funds.
Yes, your tax pool balances can be viewed by accessing your TMNZ account online.
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