Tax Deposit- meaning and definition
What is a Tax Deposit?
Instead of making provisional tax payments to the IRD, taxpayers may choose to deposit into TMNZ’s tax pool at IRD. These funds are date stamped as at the original date of payment. Once the taxpayer is certain of the liability for the year, they can request the exact amount of funds they want transferred from the pool to cover the liability.
Tax Deposit- video guide
Liz Taylor, our Client Relationship Manager, explains TMNZ’s tax deposit product for provisional tax payers with an advantage account.