As New Zealand’s first ever tax pool, we’re proud of our long history of innovation. It’s at the heart of everything we do, and we’re always looking for new ways to simplify tax.

Technology has been at the forefront of our efforts, whether it’s rolling out new features for our customers, adding new functionality online, or partnering with forward-thinking digital platforms.

Recently, we’ve rolled out some amazing tools to help our customers and their accountants easily manage income tax.

Discover our top tech solutions to help you take the pain out of tax time, including tools to cut down on admin, share data between platforms, and get instant information on things like tax swaps.

Inland Revenue Integration

TMNZ’s online dashboard is fully integrated with Inland Revenue (IR), meaning taxpayer information held by IR can be seamlessly shared on our platform, to make accountants lives easier.

In the past, accountants had to deal with multiple systems and spreadsheets to find accurate IR information. Integration means this admin work is no longer required.

Inland Revenue and TMNZ systems are connected so that key IR information is automatically populated on our dashboard. All relevant IR data, including Residual Income Tax figures, filing dates, and direct IR transactions appear on the TMNZ dashboard once you’ve logged in.

Thanks to IR integration, accountants can save time and reduce admin work. IR integration also removes the risk of manual errors as clients populate information from one platform to another, making the process much more efficient.

IR information is fed into our calculator to help you determine your (or your client’s) tax position as quickly as possible.

Kathleen Payne, Partnerships Director at TMNZ, says:

“Following IR integration, all the data you need for your calculations goes straight onto our dashboard. All you have to do is put in the current year’s position that IR might not know yet, and everything is calculated without further data entry.”

Accountants can obtain client consent (if they don’t already have it from their engagement letter) and the integration process without leaving our platform. There’s no need for third-party software, and it’s ready at the click of a button. Once an accountant authenticates their client list through MyIR, a digital consent form is sent to the taxpayer. After they sign digitally, IR integration is ready to go.

The good news doesn’t stop there. Recently IR approved TMNZ’s integration to meet their due diligence standards. That means clients can expect to see even more changes to the integration very soon. These will further improve the performance and simplification of our products, by leveraging data that IR already holds about taxpayers.

If clients need any assistance with our current IR integration, then TMNZ’s friendly support team is on hand to help.  And you can find out more about IR integration here.

Taxlab integration

Our systems are also fully integrated with Taxlab, the cloud-based tax software system designed specifically for New Zealand accountants.

Taxlab integration is easy to set up and use. Once you’ve completed the process, TMNZ transactions will appear on the Taxlab platform. Clients no longer need to use different systems to calculate their tax position.

“Accountants will get a complete picture of all TMNZ transactions sitting against their clients’ tax year,” Kathleen says.

Like IR integration, the setup couldn’t be simpler:

  • log in to Taxlab, go to ‘Settings’, and add TMNZ as a connection
  • you’ll then be directed to TMNZ to log in and confirm
  • from there, you’ll be able to view TMNZ tax pooling information, including a full history of purchases, deposits, transfers, and tax payments.

Integration with Taxlab reduces the time and effort spent sharing information across the two platforms, giving tax agents even more time for their valuable client work.

Kathleen Payne, TMNZ Director of Strategic Partnerships
Kathleen Payne, TMNZ Partnership Director, discusses tax technology

Group Optimiser

If you’re a busy accountant in public practice looking to manage the tax year for groups of clients, TMNZ’s Group Optimiser tool is tailor-made for you.

This innovative feature enables accountants to calculate the position of several taxpayers and create multiple transactions at once.

Used alongside IR integration, Group Optimiser can make tax calculations even simpler.

Kathleen adds:

“Instead of having to prepare spreadsheets for each member in a group and then decide who has overpaid or underpaid tax, agents can use our calculator to enter a small amount of information. Then, at the click of a button, Group Optimiser calculates how to use the tax across the group in the most effective way.”

Group Optimser is ready and waiting on the TMNZ dashboard. All you need to do is log in.

Upcoming Deadlines

The Upcoming Deadlines function on the TMNZ dashboard is another of our top tech features.

For accountants managing several tax pooling clients, the Upcoming Deadlines feature can be used to track taxpayers ahead of key dates.

Offering total visibility over client tax positions as deadlines approach, the tool suggests prompts and actions to finalise the year.

“It also gives accountants a control list to work through their clients and ensure everything has been finalised,” Kathleen says. “It’s a workflow and control function and will remind advisers about everything they need to do for their clients.”

Automated Tax Swaps

TMNZ’s automated Tax Swaps is our latest dashboard feature, enabling clients to get instant quotes and process swaps below the threshold*.

Tax Swaps allow clients to even out their provisional tax payments if they have overpaid on one date and underpaid on another, saving on IR interest costs.

With our automated Tax Swap service, clients will benefit from faster, more efficient processing

The best part? The Tax Swap function is DIY.

“It’s a self-service system,” Kathleen explains. “If a client knows the swap they want to do, our system will automatically say, ‘Yes, you can do it, and this is the interest you’ll get’. You won’t have to interact with us at TMNZ. You can do-it-yourself.”

“It’s super efficient,” she adds. “Clients will have certainty of the outcome, they’ll know how much interest they’ll have to pay, or what they can earn, in an instant.

“At TMNZ, we’re all about flexibility, and empowering our customers to make decisions at a time that suits them.”

Automated Tax Swaps launch later this month, following our pilot with TMNZ’s Early Adoptor community in April.

Become an Early Adopter

Are you part of TMNZ’s Early Adopter community, who gets first access to all our latest tech features?

Early Adopters enjoy the benefits of our new products and enhancements before anyone else, with support and training to help you make the most of new tools.

As an Early Adopter, you can share feedback and experiences to help us develop the best tech possible for accountants and clients.

“We love working with people to create the best tax solutions possible,” Kathleen adds. “Our Early Adopters are highly motivated, creative people who want to help us get even better.”

If you’re a tech savvy tax pooling user in an accounting firm, become an Early Adopter in a few simple steps:

  1. login to your dashboard
  2. Select your firm
  3. select ‘Early Adopter Programme’, from the left-hand menu
  4. review and accept the Terms and Conditions presented
  5. click the ‘Sign up’ button.

To learn more about TMNZ’s latest tech developments, head to our Innovative Tax Technology page or contact our support team today.

 

*the threshold is subject to change depending on market conditions.