Flexitax

Tax loss carry-back scheme: Important considerations

Tax loss carry-back scheme: Important considerations 1200 630 TMNZ Blog

Standard imputation (ICA), ownership continuity and grouping rules still apply under the new tax loss carry-back scheme, while anyone who overestimates their loss will face IRD interest (UOMI) from the date of their first provisional tax instalment for the previous year. Moreover, company profits already paid out via shareholder-employee salaries or dividends are unable to…

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UOMI remission guidance: IRD overlooks provisional tax scenario

UOMI remission guidance: IRD overlooks provisional tax scenario 1344 814 TMNZ Blog

Question: What is the amount on which IRD will remit interest (UOMI) at the date of the final provisional tax instalment if someone outside of safe harbour is unable to pay on time due to COVID-19? The answer: We cannot say for certain as this is a scenario IRD has yet to address in its…

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COVID-19: How tax pooling can still help taxpayers

COVID-19: How tax pooling can still help taxpayers 1344 908 TMNZ Blog

IRD may be taking a more flexible approach in terms of its interest (UOMI) remission for taxpayers grappling with the financial impact of COVID-19 – but any request for relief will still be at its discretion and on its terms. As such, an IRD-approved tax pooling provider such as Tax Management NZ (TMNZ) can assist…

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COVID-19 update: Devil in the detail with UOMI remission

COVID-19 update: Devil in the detail with UOMI remission 1344 756 TMNZ Blog

Update as at 14 April 2020 after IRD clarified its position following the publication of this article Someone who is struggling to pay tax on time due to COVID-19 will have to engage with IRD and agree to the terms of a payment plan if they want to receive a remission of interest (UOMI). Given…

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Jucy Rentals Group say good bye to provisional tax stress

Jucy Rentals Group say good bye to provisional tax stress 1200 630 TMNZ Blog

They say you can’t make an omelet without breaking some eggs. In this context, a company cannot grow without taking some risks or investing in their business. Jucy Rentals Group’s day-to-day operations highly depend on cash in the bank. It faces a unique challenge when it comes to paying provisional tax. They have to account…

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Four reasons why accountants should consider tax pooling

Four reasons why accountants should consider tax pooling 1200 630 TMNZ Blog

Meet Andy. He is a builder who has run his own business for almost three years, with the current year reflecting he will make a substantial profit. He gets paid well and is smart enough to set aside the tax he owes with every cheque. However, the clients he is working for do not always…

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Coffee with Maria from The Tax Lady

Coffee with Maria from The Tax Lady 1200 630 TMNZ Blog

“Why would IRD allow you to do this?” This is the reaction of some of Maria Anderson’s clients when they hear about how tax pooling can help with provisional tax payments for the first time. Maria is one of the Directors at The Tax Lady in Upper Hutt, north of Wellington. Their clients range from…

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Paying provisional tax: The ONE thing you must know

Paying provisional tax: The ONE thing you must know

Paying provisional tax: The ONE thing you must know 1200 630 TMNZ Blog

Many a business owner is familiar with paying provisional tax. And the reason they are familiar with it is because they do not like paying it. There are myriad reasons why. But perhaps the biggest issue of paying provisional tax is the inflexibility of IRD. They want you to pay on the dates they set.…

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Coffee with Sarah Walker at Epplett & Co

Coffee with Sarah Walker at Epplett & Co 1200 630 TMNZ Blog

Sarah Walker from Epplett & Co describes one of her clients having a “Woohoo moment” after they were able to clear their arrears with IRD. This was due to using Flexitax ® . She then describes another client reducing payments out a year for tax from 40 to now 4 using our other product, Tax…

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Setting up a 2018-19 income year payment plan with Flexitax

Setting up a 2018-19 income year payment plan with Flexitax 1200 630 TMNZ Blog

Many of your clients will pay their first instalment of provisional tax for the 2018-19 income year on 28 August. As such, now’s an opportune time to mention Flexitax as you discuss tax planning and cashflow management with them. We recommend using this to set up a provisional tax payment plan for the 2018-19 income…

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