late payment penalties

Image: IRD system
  • Lee Stace

IRD system issues affecting tax pooling
IRD system issues affecting tax pooling 1200 630 Lee Stace

IRD is working to resolve the problem of its system incorrectly sending grace period letters to taxpayers flagged as using tax pooling. However, they have fixed the issue which was seeing someone’s GST refund being automatically applied to their provisional tax. Here’s what you need to know about both problems. Plus, we also highlight some…

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Image: Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill
  • Lee Stace

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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  • Lee Stace

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 due date. IRD will not accept the use…

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  • Jade Robertson

Coffee with Paul at Bona Fide Accounting
Coffee with Paul at Bona Fide Accounting 1200 630 Jade Robertson

“I would definitely recommend TMNZ to other clients. It’s been a great benefit to many of our clients and it gives them an opportunity to save on late payment penalties and [IRD] interest when paying their taxes.” Paul Donnell is the Director at Bona Fide Accounting. He has 40 years experience and within the last…

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  • Lee Stace

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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  • Lee Stace

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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  • Lee Stace

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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  • Lee Stace

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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  • Lee Stace

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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  • Lee Stace

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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