Tax Audits and Voluntary Disclosures
Facing an IRD tax audit or reassessment?
TMNZ can help reduce costs on all types of reassessed tax arising from tax audits and voluntary disclosures.
Facing a tax audit or reassessment?
TMNZ can help reduce costs on all types of reassessed tax arising from tax audits and voluntary disclosures.
Facing a tax audit or reassessment?
TMNZ can help reduce costs on all types of reassessed tax arising from tax audits and voluntary disclosures.
Cover historical tax
TMNZ has the largest pool of audit tax in New Zealand. The oldest tax in our pool goes as far back as 2010, putting us in the best position for tax audit protection.
Save on interest
TMNZ can help you reduce interest costs on additional tax to pay and save on tax audit penalties following a tax reassessment.
No matter what tax you owe
We can help with all reassessed tax — PAYE, FBT, GST, NRWT, terminal tax and provisional tax. We’re experts at keeping your tax reassessment stress-free.
Cover historical tax
TMNZ has the largest pool of audit tax in New Zealand. The oldest tax in our pool goes as far back as 2010, putting us in the best position for tax audit protection.
Save on interest
TMNZ can help you reduce interest costs on additional tax to pay and save on audit penalties following a tax reassessment.
No matter what tax you owe
We can help with all reassessed tax — PAYE, FBT, GST, NRWT, terminal tax and provisional tax. We’re experts at keeping your tax reassessment stress-free.
Using tax pooling for a tax reassessment
We might be able to help with historical tax owing if:
- you’ve been through an IRD tax audit and found that you owe tax
- or you’re undertaking a voluntary disclosure and have discovered that you owe tax.
And:
- you apply to use tax pooling within 60 days of your tax reassessment.
In either case, you could save on interest by using tax in the pool. We can help with any type of tax, including PAYE, FBT, GST, NRWT, terminal tax, and provisional tax.
What we'll need
To help you with a tax reassessment, there are two things you need to know:
- the amount of tax you owe following the reassessment
- the date of the reassessment.
If you’re unsure where to find this information, we can help. Get in touch.
Tax Audit FAQs
A tax reassessment is an audit of your tax paid and is carried out by Inland Revenue. During a tax reassessment, IR will check that you have paid the correct amount of tax. Tax assessors have the right to audit your business without providing a reason.
There are different types of tax reassessments, including personal tax audits and business tax audits. A personal tax audit assesses people who are liable for paying tax from personal income, while a business tax audit checks whether a business has met its tax obligations. A tax audit can be done on any small business or large corporation.
In both situations, you may be able to use tax pooling to help you pay your reassessed tax. Using an IRD-approved intermediary can reduce your interest costs. You may also get more time to pay. New Zealand’s tax pooling rules allow for reassessments of different types of taxes, such as PAYE, FBT, GST, NRWT, terminal tax and provisional tax.
Tax reassessments don’t follow a specific time frame. How long it takes depends on what is being assessed. The size of your business and the standard of your records will also come into play. Inland Revenue will let you know if an extended time frame is needed.
A voluntary tax disclosure is when you choose to tell Inland Revenue about mistakes with your tax affairs. Any person or business liable for paying tax can make a voluntary tax disclosure. Even if you have already received a tax audit notice, you can still make a voluntary tax disclosure. This can be done in the initial interview stage or during the inspection of your records.
Making a voluntary tax disclosure can save you on penalty charges. In many cases, penalties on any tax shortfall can be reduced by 75% or even 100%.
You are better off making a voluntary disclosure than waiting for Inland Revenue to find inconsistencies with your tax payments.
Never miss a tax deadline
Pay your provisional tax on time, every time.
See upcoming provisional and terminal tax dates with TMNZ’s free calendar.
Login - NZ Budget 2023
NZ Budget 2023 – review with Tony Alexander
Our speakers
Tony Alexander, Independent Economist
Tony is a renowned economics analyst and commentator in New Zealand. He worked for BNZ for 26 years, 25 of which were as Chief Economist. His focus has always been on translating developments and trends in the economics sphere into a language that people can understand, aiming to help New Zealanders make better decisions for their businesses, investments, home purchases, and people.
Chris Cunniffe, CEO, TMNZ
Chris has been leading TMNZ as CEO for over 10 years. He was made a CA ANZ Fellow in 2019 and has been on the CAANZ Tax Advisory Group for more than 20 years. Before TMNZ, Chris was Head of Tax at Air New Zealand and Bank of New Zealand.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
Stream - NZ Budget Review with Tony Alexander
NZ Budget Review — with Tony Alexander
Our speakers
Tony Alexander, Independent Economist
Tony is a renowned economics analyst and commentator in New Zealand. He worked for BNZ for 26 years, 25 of which were as Chief Economist. His focus has always been on translating developments and trends in the economics sphere into a language that people can understand, aiming to help New Zealanders make better decisions for their businesses, investments, home purchases, and people.
Chris Cunniffe, CEO, TMNZ
Chris has been leading TMNZ as CEO for over 10 years. He was made a CA ANZ Fellow in 2019 and has been on the CAANZ Tax Advisory Group for more than 20 years. Before TMNZ, Chris was Head of Tax at Air New Zealand and Bank of New Zealand.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
Stream - Tax pooling - a better way for 7 May
Tax pooling - a better way to manage 7 May
Our speakers
Clyden Manikkam, Director of Strategy and Sales, TMNZ
Clyden is responsible for the commercial direction and outcomes for TMNZ. He has a strong tax and commercial background, having held senior roles at IRD primarily involved in investigations and prosecutions. Clyden has also previously managed businesses in the private sector.
Kathleen Payne, Director of Strategic Partnerships, TMNZ
Kathleen brings a wide range of experience in tax and accounting from positions held in both top tier and smaller accounting firms, as well as experience in a corporate tax environment. She values client relationships and enabling others to succeed with business solutions and training.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
Login - Tax pooling - a better way for 7 May
Tax pooling - a better way to manage 7 May
Our speakers
Clyden Manikkam, Director of Strategy and Sales, TMNZ
Clyden is responsible for the commercial direction and outcomes for TMNZ. He has a strong tax and commercial background, having held senior roles at IRD primarily involved in investigations and prosecutions. Clyden has also previously managed businesses in the private sector.
Kathleen Payne, Director of Strategic Partnerships, TMNZ
Kathleen brings a wide range of experience in tax and accounting from positions held in both top tier and smaller accounting firms, as well as experience in a corporate tax environment. She values client relationships and enabling others to succeed with business solutions and training.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
Innovative Tax Technology
Our tax technology makes your job easy
We’re proud to offer industry-first tech innovations to make things even easier for you at tax time. Whether it’s partnering with other leading digital service providers, FinTech’s or enhancing our own products and features, we’re always delivering improvements to our services and offering you the best tax pooling experience.
Our tax technology makes your job easy
We’re proud to offer industry-first tech innovations to make things even easier for you at tax time. Whether it’s partnering with other leading digital service providers, FinTech’s or enhancing our own products and features, we’re always delivering improvements to our services and offering you the best tax pooling experience.
Integrations
Inland Revenue integration
Our tax pooling dashboard is directly connected with Inland Revenue, to provide agents with a significantly simplified tax pooling experience. Here are some of the real-time data sharing benefits for agents:
- Easier to set up – automatically add a taxpayer using their details from Inland Revenue and request consent digitally. Also, you won’t need to sign up to third-party software.
- Saving time – by prepopulating RIT information in our easy-to-use tax calculator.
- Improving accuracy – as taxpayers information including terminal tax dates and existing payments will be correctly populated.
- Reducing risk – by minimising manual data entry.
How can you get started? First, make sure you’ve completed the Inland Revenue (IR) integration setup process, so you’ve got direct access to your clients IR data when you need it. This means an authorised person has linked your IR client list and you can therefore see all your clients in our dashboard.
Taxlab
Taxlab is a cloud based tax software system designed specifically for New Zealand accountants, by New Zealand accountants. Used by NZX listed companies, Big Four and local accountants – Taxlab handles your return filing, provisional tax management, tax provision accounting and FBT compliance. It’s is easy to set-up use and maintain, significantly reducing time and effort, so you can focus on more valuable work. The result of the integration is you can now easily see all your TMNZ transactions in your Taxlab software.
Accounting software and FinTech
We’re working closely with all major tax technology providers in New Zealand as well as innovative FinTech to provide the best, seamless experience when using multiple products to manage your tax and financial matters. We collaborate with organisations like Xero, CCH, Wolters Kluwer, MYOB and others to make services across the industry more accessible. Talk to us about new integrations or products that you would like to see on your TMNZ dashboard.
New product features
Group Optimiser
Are you looking to finalise the tax year for groups of clients? We’ve developed a new solution for those in practice, to save you time as well as improve your accuracy. Our Group Optimiser tool is perfect for accountants wanting to calculate the position of a number of taxpayers and create multiple transactions all at once. This latest innovation is further enhanced if used alongside our Inland Revenue integration, to make things even easier for you at tax time.
Upcoming Deadlines
We’ve made it easier to manage tax pooling deadlines. We’ve created a new tab on the activity centre of our dashboard so you can see what taxpayers might still need action before the deadline passes. The tab shows all your taxpayers that have a deadline in the next 75 days. With a click of a button you can make the taxpayer as complete to give you piece of mind that they have closed out their year, or, use our helpful suggested action button to easily create the transaction they might need. Try it out on the dashboard today.
Contact Us
If you want to understand more about how our innovative tax technology can help you, or you’re looking to set up one of the integrations or features mentioned here, please get in touch.
Budget 2023 - review with Tony Alexander
Budget 2023 - review
with Tony Alexander
Friday 19 May
10am – 11am
Join our NZ Budget 2023 Review with Tony Alexander, the morning following the Government’s big announcements. As one of New Zealand’s leading economists, Tony will be sharing key takeaways from Budget 2023 and his expert view on New Zealand’s economic outlook.
Budget 2023 - review with Tony Alexander
Friday 19 May
10am – 11am
Join our NZ Budget 2023 Review with Tony Alexander, the morning following the Government’s big announcements. As one of New Zealand’s leading economists, Tony will be sharing key takeaways from Budget 2023 and his expert view on New Zealand’s economic outlook.
What we'll cover
- What does Budget 2023 mean for New Zealand’s economy and businesses?
- How is Budget 2023 going to help the cost of living challenges?
- The big Budget 2023 tax implications, co-presented with Chris Cunniffe, TMNZ CEO
- As well as Q&A
Who this is for
This online seminar is for our tax agents and accountants to gain insights on how the Government’s 2023 Budget will impact their business and their clients. Your colleagues and connections are also welcome to join.
Our speakers
Tony Alexander, Independent Economist
Tony is a renowned economics analyst and commentator in New Zealand. He worked for BNZ for 26 years, 25 of which were as Chief Economist. His focus has always been on translating developments and trends in the economics sphere into a language which people can understand, aiming to help kiwis make better decisions for their businesses, investments, home purchases, and people.
Chris Cunniffe, CEO, TMNZ
Chris has been leading TMNZ as CEO for over 10 years. He was made a CA ANZ Fellow in 2019 and has been on the CAANZ Tax Advisory Group for more than 20 years. Before TMNZ, Chris was Head of Tax at Air New Zealand and Bank of New Zealand.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
RDTI help
RDTI in-year payments help
RDTI tax credits are issued to participating businesses after they have filed their income tax return and their RDTI Supplementary Return has been processed. This can mean a business may not receive their credit until 12-18 months after the end of the income year during which their R&D was conducted.
The RDTI in-year payments scheme is designed to help businesses performing eligible R&D receive cash support closer to when they incur the corresponding R&D costs. This cash support is in the form of an interest-free Government loan.
The business must meet the following criteria to qualify for in-year payments:
- The customer has applied for RDTI by having CAM, GA, or submitting their GA through Inland Revenue and
- your business is a going concern and
- The client has no outstanding matured RDTI in-year payments from the previous income year (not applicable to the first year).
If you have not yet submitted your GA or CAM application, you can contact Callaghan Innovation’s team, who can provide free assistance until the business’ GA/CAM submission: https://www.rdti.govt.nz/we-provide-free-tailored-support/.
RDTI in-year payments are administered by Tax Management New Zealand (TMNZ). After applying for RDTI, you can create an account to begin in-year payments. Once you have logged in and entered all of the required information to onboard, then we will collect information about your RDTI submission, conduct Anti-Money Laundering (AML) and Due Diligence (DD) checks, and seek permission to access the business’ RDTI Account
A TMNZ RDTI specialist will work with the Ministry of Business, Innovation and Employment (MBIE) to review the application. MBIE holds all decision-making authority for the scheme. Once your application has been accepted, you can request payments for any open periods.
We will announce details on how people can request payments and how loan repayments work soon.
After completing the onboarding process, you will have access to your registered organisation’s dashboard.
Your Organisation
You can access all the options related to an organisation by clicking on the name at the top right of the page.
Quick Link Option
You can access this content on the right-hand side of your home screen. These options provide everything you can manage with your login. You can create a new business, invite other users to access the organisation’s RDTI in-year payment content, log in as another business or begin your application.
Let’s look at these options:
— Change my Organisation
Select this option to manage in-year payments with a different organisation. Once you are on the My Organisations page, click on the organisation you want to log in as.
— Add Organisation
Simply select this option, fill in the required fields, and submit
This will take you to the next page to confirm if this is the business you want to set up. Select Yes and Complete to save the new organisation.
— Add a User
Select this option to be redirected to the My Organisations page. Select Invite User, complete the following fields and Add User.
— Updating your details
In the left-hand menu under your login email, select Update my details, make the appropriate changes, and Save User Details.
From the dashboard, you can access the application page in two ways. You can either click the Start Application menu in the quick links on your home screen or from the left menu, select In Year Payment Application
1.
The first section of the form asks you to verify that all the business details are correct. You can alter the IRD number or balance date if necessary. Here, you also have to declare that the business is a going concern.
2.
Enter all the details about your GA and/or CAM submission in the next section. Tick the appropriate option, and fill in the required information.
If you have more than one GA, select the Add General Approval to fill in the same fields for another GA under a different R&D project.
3.
Once all GA or CAM information has been entered, answer the final section to confirm who needs to sign the loan and Authority to Act, and agree to our Terms and Conditions to complete the application. Please note that all contacts must be linked to the organisation. If they have not been added, select the User Management link to invite the user and include them in the application.
Following your application, TMNZ will conduct the due diligence checks in accordance with AML legislation. We use a third party, RealAML, to carry out the checks. RealAML will contact you to collect the required information.
To enable TMNZ to become an Other Representative on the company’s RDTI account within myIR, we will send all signatories a digital Authority to Act.
Upon completing these steps, a TMNZ RDTI specialist will work with the Ministry of Business and Innovation to review the application and provide the results to the business. Once your application has been accepted, you can request payments for any open periods.
Inland Revenue and MBIE use this mechanism to confirm CAM or GA details within your application. Inland Revenue also uses this mechanism to advise TMNZ when a business has completed its supplementary return to kickstart loan repayment (See When is my loan repayable? for more information).
Before your business details can be corrected, such as entity’s legal name, you will need to update the details via the New Zealand Companies Office Register
Yes, our team has the ability to action this. Please email us at rdti@tmnz.co.nz, letting us know about your situation.
Our team has the ability to action this. Please email us at rdti@tmnz.co.nz, letting us know about your situation.
There is no cut-off for in-year payment applications. You may apply at any time and request payments once you are approved.
You will be able to request up to 3 payments per income year. Our team will notify you when the cut-off for a particular payment date is approaching.
If you miss a particular payment date/s, you will be able to include expenditure prior to that date in a subsequent payment request for the same income year.
However, it will not be possible to carry forward expenditure from a previous income year to a subsequent income year.
The loan is due on whichever date below applies to you:
If you have filed your RDTI Supplementary Return by the due date, your loan is due on the earliest of the following dates:
- one month after IR has approved or declined your RDTI Supplementary Return, or
- six months after the due date of your RDTI Supplementary Return.
If you have NOT filed your RDTI Supplementary Return by the due date, your loan is due one month after the due date of your RDTI Supplementary Return.
The loan is interest-free up until one month after the relevant due date above.
If the loan is not repaid by the relevant due date:
- MBIE will charge interest on the loan from one month after the due date (at the IR “Use of Money” interest rate applicable at the time) and
- a standardised, short-term repayment plan will be arranged.
Tax pooling - a better way for 7 May
Tax pooling - a better way to manage 7 May
Thursday 27 April 2023
10:30am – 11:00am NZST (GMT+13)
0.5 CPD hours
Learn how tax pooling can eliminate the pressures and risks that come with the 7 May payment drain.
Tax pooling - a better way to manage 7 May
Thursday 27 April 2023
10:30am – 11:00am NZST (GMT+13)
0.5 CPD hours
Learn how tax pooling can eliminate the pressures and risks that come with the 7 May payment drain.
What you'll learn
- Market insights
- Structuring 7 May tax payments to suit your clients’ specific situations
- Managing the upcoming year’s tax obligations for your clients
- Best practice use of tax pooling in the current environment
Who this is for
This webinar is perfect for tax agents and accountants in public practice and counts towards 0.5 CPD hours (certificates will be provided). Your colleagues and connections are also welcome to join.
Our speakers
Clyden Manikkam, Director of Strategy and Sales, TMNZ
Clyden is responsible for the commercial direction and outcomes for TMNZ. He has a strong tax and commercial background, having held senior roles at IRD primarily involved in investigations and prosecutions. Clyden has also previously managed businesses in the private sector.
Kathleen Payne, Director of Strategic Partnerships, TMNZ
Kathleen brings a wide range of experience in tax and accounting from positions held in both top tier and smaller accounting firms, as well as experience in a corporate tax environment. She values client relationships and enabling others to succeed with business solutions and training.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
TMNZ and Xero
Tax pooling with TMNZ and Xero
Discover how easy it is to record tax pooling transactions into Xero and find out how this will benefit you and your clients.
Let our Director of Strategic Partnerships, Kathleen Payne, walk you through how it works or click below to learn more about tax pooling.
Learn more
about tax pooling
How to calculate provisional tax using the Standard Uplift Method and use tax pooling to avoid IR UOMI and late payment penalties
Current version available for download: October 2022
Previously published version(s): August 2019, February 2020
Looking for greater flexibility and certainty with your clients’ cashflow? Learn how tax pooling can help.
Current version available for download: October 2022
Previously published version(s): August 2019, February 2020