Reminders

Changes to IRD payments

Changes to IRD payments TMNZ Blog

If you are used to paying Inland Revenue through Westpac, from today you will no longer be able to pay by cheque or drop off returns and forms. You will still be able to use the following payment options at Westpac: Cash & Eftpos Online banking Credit/debit cards International money transfers You can still post…

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Provide client value with TMNZ via Reckon APS Tax

Provide client value with TMNZ via Reckon APS Tax TMNZ Blog

HC Partners LP director Craig Copland recommends more accountants purchase tax from Tax Management NZ (TMNZ) via the Reckon APS Tax system, as it enables them to quickly provide additional value to clients and save them money. Buying tax from TMNZ eliminates IRD late payment penalties and reduces interest costs by up to 30 percent…

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Reduce the cost of underpaid provisional tax

Reduce the cost of underpaid provisional tax TMNZ Blog

If you think you might have underpaid at any of your provisional tax dates for the 2014 income year, you can save money if you buy tax from Tax Management NZ. Purchasing tax from us eliminates IRD late payment penalties and reduces interest costs by up to 30 percent. Contact us today should you require…

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A smarter way to manage cashflow

A smarter way to manage cashflow TMNZ Blog

A number of you will pay your first instalment of provisional tax for the 2015 income year on 28 August. However, there may be myriad reasons why it may not suit them to make this payment: • You are still getting their 2014 accounts in order. • You might want to take advantage of the…

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Important information about TMNZ payments

Important information about TMNZ payments TMNZ Blog

To ensure your payments are promptly reconciled and confirmed, Tax Management NZ would appreciate if you can make these in the following format: • Particulars: Your IRD number with no hyphens or spaces. • Code: Your transaction type – that is, ‘Deposit’, ‘Purchase’, ‘Swap’ or ‘Finance’. • Reference: Taxpayer name matching the IRD number (within…

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Relieve winter cashflow pressure

Relieve winter cashflow pressure TMNZ Blog

The winter months can wreak havoc with your cashflow. So much so, in fact, that sometimes the last thing you want to do is pay provisional tax. Some of those with a March financial year-end can probably relate to this situation, as they will pay their first instalment of provisional tax for the 2015 income…

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Take the guesswork out of provisional tax

Take the guesswork out of provisional tax TMNZ Blog

No doubt many of you will be paying your first provisional tax instalment in a couple weeks’ time. As you know, provisional tax involves a degree of guesswork because you base your payments on what you think your income tax will be. Accurately gauging how much you need to pay on your first provisional tax…

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Tax tip: Instead of topping up P3, buy tax now and save

Tax tip: Instead of topping up P3, buy tax now and save TMNZ Blog

Clients with 30 June balance dates who are considering topping up their 28 July (P3) provisional tax can save money now. If they top up when they pay their final instalment of provisional tax on 28 July, they will be charged use of money interest at 8.4 percent from the date of underpayment until 28…

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A legitimate way for farmers to keep the taxman at bay

A legitimate way for farmers to keep the taxman at bay TMNZ Blog

Using tax pooling to defer untimely provisional tax payments can save farmers money, as it eliminates IRD late payment penalties and use of money interest charges. In this article, we look at how it might be of use to farmers who are wishing to reinvest in their business. Farmer Joe has a conundrum. Overall, business…

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How exporters can ease tight cashflow situations

How exporters can ease tight cashflow situations TMNZ Blog

Although small and medium-sized exporters face uncertainty around sales and costs, and the challenges of a high New Zealand dollar, Inland Revenue expects them to pay provisional tax on time. Using tax pooling to defer these payments can eliminate late payment penalties and use of money interest and alleviate cashflow concerns. Here is a scenario…

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