late payment penalties

Image: Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill
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Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill: Have your say on provisional tax changes
Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill: Have your say on provisional tax changes 1200 630 Lee Stace

The Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill contains six amendments that IRD says will clarify and align provisional tax legislation with its system. The proposed amendments are: Eliminating the requirement to estimate at the final instalment date for provisional tax Clarifying the ‘lesser of’ calculation of interest for standard uplift taxpayers Clarifying the…

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Last chance to pay 2017 income tax
Last chance to pay 2017 income tax 1920 1130 Lee Stace

The last chance to pay 2017 income tax through TMNZ  is 18 June. This is for clients with March-September balance dates who have a terminal tax date of 7 April . Due to tax pooling legislation, TMNZ can only assist up to 75 days past your terminal tax date. IRD will not accept the use of…

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How to use provisional tax to grow business
How to use provisional tax to grow business Lee Stace

Tax pooling frees up the cashflow businesses need to take advantage of favourable economic conditions. The business outlook for the coming year is positive, with reports indicating that 2015 will be another strong one for the New Zealand economy. According to a survey conducted by the Employers and Manufacturers Association at the end of last…

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Avoid a cashflow problem in the New Year
Avoid a cashflow problem in the New Year Lee Stace

Here’s how you can delay paying 15 January provisional tax to free up working capital at a time of year when businesses are likely to need it most. The early part of the New Year can be a challenging time for small and medium sized businesses. Results from a poll conducted by the Employers and…

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A way to solve Christmas cashflow issues
A way to solve Christmas cashflow issues Lee Stace

The period after Christmas can be tough for many small and medium sized businesses. According to more than half the respondents to a poll conducted by the Employers and Manufacturers Association, January to March is when they tend to experience cashflow constraints. It’s hardly surprising, really. The period after Christmas is traditionally slow business-wise. Consumers…

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New form of protection from IRD penalties, interest
New form of protection from IRD penalties, interest Lee Stace

Taxpayers with volatile income can now protect themselves in advance from the risk of incurring hefty IRD late payment penalties and use of money interest (UOMI) if they have a better-than-expected financial year. Tax SHIELD™, a new product from Tax Management NZ (TMNZ), lets taxpayers put an arrangement in place whereby they pay an upfront…

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Reduce the cost of underpaid provisional tax
Reduce the cost of underpaid provisional tax Lee Stace

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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Not all clowning around at Reckon conference
Not all clowning around at Reckon conference Lee Stace

Photo: supplied. Tax Management NZ’s Daniel Relf and Doug Maarschalk briefly joined the circus in Australia last week. Well, sort of… The duo were among a number of New Zealand and Australian accountants and bookkeeping professionals at Sydney’s Hilton Hotel who embraced the circus theme during the gala dinner of the 2014 Reckon Group Conference,…

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Relieve winter cashflow pressure
Relieve winter cashflow pressure Lee Stace

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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A legitimate way for farmers to keep the taxman at bay
A legitimate way for farmers to keep the taxman at bay Lee Stace

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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