tax pooling

Image: IRD interest calculations
  • Lee Stace
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Failing to pay cents costing thousands in IRD interest
Failing to pay cents costing thousands in IRD interest 1344 820 Lee Stace

A $2400 IRD interest bill after underpaying an instalment of provisional tax by a mere 30 cents. This is just one example of how the programming issues within IRD’s system are currently affecting interest calculations for provisional taxpayers. IRD says it has seen cases where taxpayers have lost access to the safe harbour provision because…

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Image: Accounting Income Method (AIM)
  • Lee Stace
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Accounting income method: When cashflow doesn’t match accounting profit
Accounting income method: When cashflow doesn’t match accounting profit 1200 630 Lee Stace

IRD’s marketing material boasts the accounting income method (AIM) means taxpayers only pay provisional tax when they make a profit. But what it neglects to convey is what happens if an AIM user making a profit has no money in their bank account to pay tax when it is due. The answer? Bad things. IRD…

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  • Jade Robertson
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Coffee with Ann from Q2 Accountants
Coffee with Ann from Q2 Accountants 1200 630 Jade Robertson

Have you ever wanted to sit down with an accountant and discuss topics related to business and provisional tax in depth? We were given the opportunity to do just that with Ann Cooper Smith, the Founder & Chief Executive of Q2 Accountants.If you don’t know who Ann is, she is a chartered accountant with 30…

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  • Lee Stace
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Cashflow survival: Dealing with terminal, provisional tax
Cashflow survival: Dealing with terminal, provisional tax 1200 630 Lee Stace

The months of April and May can really tax your cashflow. Let me explain. On 7 April, IRD expects you to pay terminal tax for the 2018 income year. Terminal tax means a taxpayer did not pay enough provisional tax for the previous year. As such, they need to square up the difference. To make…

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  • Denise Pimentel
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TMNZ and Xero team up to educate clients
TMNZ and Xero team up to educate clients 600 338 Denise Pimentel

 Xero and TMNZ partnered up earlier this month for Xero’s Education month. Kathleen Payne, TMNZ’s Strategic Partnerships Manager, ran the  webinar educating people on the benefits of tax pooling as well as a practical demonstration of applying TMNZ provisional tax arrangements within the Xero platform.

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Paying provisional tax: The ONE thing you must know
  • Lee Stace
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Paying provisional tax: The ONE thing you must know
Paying provisional tax: The ONE thing you must know 1200 630 Lee Stace

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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Image: Working capital
  • Lee Stace
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Tax Finance: An alternative funding source
Tax Finance: An alternative funding source 1200 630 Lee Stace

Growing a business is hard yakka. More specifically, it costs money. And therein lies a problem for many small business owners: Cashflow. In fact, it’s not a problem. It’s a major problem. According to Xero’s Small Business Insights data for June, less than half of those who took the survey have positive cashflow. Less than…

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Image: IRD audit
  • Lee Stace
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IRD audit – how to survive one
IRD audit – how to survive one 1200 630 Lee Stace

IRD audit activity is ramping up. It is monitoring tradies and those operating restaurants, bars, cafes and takeaways closely. After all, it’s noticing a high level of non-compliance by some working in the construction and hospitality sectors. They include business owners who are not declaring part or in some cases all of the income they…

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  • Jade Robertson
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Coffee with Sarah Walker at Epplett & Co
Coffee with Sarah Walker at Epplett & Co 1200 630 Jade Robertson

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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  • Jade Robertson
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Coffee with Garreth Collard from EpsomTax
Coffee with Garreth Collard from EpsomTax 1200 630 Jade Robertson

“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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