income tax

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Understanding provisional tax

Understanding provisional tax 1200 630 Lee Stace

What is provisional tax? How’s it calculated? When is it paid? What happens if you don’t pay? If these questions are currently occupying space in your head, don’t worry – we’re about to provide some answers. A brief overview Provisional tax breaks up the income tax you pay Inland Revenue (IRD) so that it is…

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Audit claim data highlights level of IRD’s behind-the-scenes activity

Audit claim data highlights level of IRD’s behind-the-scenes activity 1200 630 Lee Stace

Inland Revenue (IRD) is still actively reviewing taxpayers despite COVID-19 and the various business disruptions the pandemic has caused in the past 12 months, according to figures released by Accountancy Insurance. They saw a 31 percent increase in claims in all categories during the 2020-21 financial year compared to the 2019-20 financial year. In terms…

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IRD eyeing cryptoassets: Tax implications for investors

IRD eyeing cryptoassets: Tax implications for investors 1200 630 Lee Stace

Come clean or expect Inland Revenue (IRD) to come calling. For investors who are unaware of their tax obligations, this is the situation they face in the wake of the New Zealand tax department exercising its powers under the Tax Administration Act 1994 to request customer information from companies dealing with cryptoassets. This appears to…

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Coffee with Garreth Collard from EpsomTax

Coffee with Garreth Collard from EpsomTax 1200 630 Lloyd Evaroa

“We see it [tax pooling] as being one of those super useful tools. Like a carpenter has his essentials in his tool belt, it’s the same for an accountant. An essential tool, you just can’t be without it.” Garreth Collard is the Managing Director for EpsomTax. He is one of those accountants who puts you…

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Reduce interest costs on audits

Reduce interest costs on audits Lee Stace

TMNZ has recently received a number of enquiries from clients wishing to pay an historic tax liability through us. We would like to remind clients that we can help reduce IRD interest costs by up to 30 percent and eliminate any late payment penalties if they have received a notice of reassessment from IRD due…

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Paying income tax when it suits business cashflow

Paying income tax when it suits business cashflow Lee Stace

Job done! John Dale (left) working with Xpress Trailers of Silverdale on its revolutionary electro-hydraulic tip trailer. Photo: Supplied. We speak to Battery Technology New Zealand to find out how TMNZ provides it with the flexibility to align provisional tax payments to its cashflow cycles. Seasonal cashflow can make income tax payments difficult for businesses, but…

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Providing much-needed breathing space

Providing much-needed breathing space Lee Stace

Sara and Steve Owen. Photo: Stuart Munro, Wanganui Chronicle Independent Carbon Brush in Whanganui says TMNZ is a “real godsend”. Here’s how we’ve helped this husband and wife business pay income tax on its terms. The question Sara Owen of Independent Carbon Brush asked her accountant in 2010 sums up how valuable TMNZ has been…

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Flexitax – TMNZ’s most flexible way to pay income tax

Flexitax – TMNZ’s most flexible way to pay income tax Lee Stace

Businesses wanting to ease the burden income tax payments have on cashflow and have greater flexibility around their payments now have another way to pay. They can pay their provisional and terminal tax through Tax Management NZ (TMNZ) via monthly instalments, where they pay what they can, when they can. Tax pooling intermediaries, which are…

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