tax pooling

  • Lee Stace

IRD payment allocation rules explained
IRD payment allocation rules explained 1200 630 Lee Stace

Provisional tax payments made on or before the date of the final instalment for the year are applied to the oldest overdue tax amount first while payments made after the date of the final instalment are applied to the interest owing on any overdue tax first, then the overdue tax amount. The IRD payment allocation…

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  • Lee Stace

Payment options for 15 January provisional tax
Payment options for 15 January provisional tax 1200 630 Lee Stace

One of the challenges of paying provisional tax in times of economic uncertainty is making a payment that is both appropriate and does not negatively impact your cashflow. Tax is one of the largest expenditure lines for a business, so you want to get it right. You don’t want to overpay, because that’s money sitting…

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  • Colin Kennedy

How to overcome the pain of tax procrastination
How to overcome the pain of tax procrastination 1200 630 Colin Kennedy

With Inland Revenue (IRD) currently charging a penalty of seven percent interest, you would think that every single business owner in New Zealand would be highly motivated to get their tax issues sorted. Why then, is tax procrastination a problem? Tax is an obligation. We have no choice but to get on top of it.…

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Image: Tax refund
  • Lee Stace

Accessing overpaid tax faster in uncertain times
Accessing overpaid tax faster in uncertain times 1200 630 Lee Stace

Cash is king and being able to get your mitts on it quickly in an unpredictable world where circumstances can – and do – change in an instance is priceless. Just ask the taxpayers who were able to access the provisional tax payments they had deposited in the tax pooling account of Tax Management NZ…

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  • Lee Stace

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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Image: Anti-money laundering
  • Lee Stace

Anti-money laundering requirements and tax pooling
Anti-money laundering requirements and tax pooling 1344 820 Lee Stace

Updated 12 October 2020 Tax Management NZ (TMNZ) must now conduct a limited form of customer due diligence on all clients as part of recent changes to anti-money laundering (AML) requirements. As such, we will be collecting information about the taxpayers using our service and asking anyone acting on their behalf to supply some basic…

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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: Pay your tax now here!
  • Lee Stace

COVID-19: How tax pooling can still help taxpayers
COVID-19: How tax pooling can still help taxpayers 1344 908 Lee Stace

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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  • Jade Robertson

Coffee with Maria from The Tax Lady
Coffee with Maria from The Tax Lady 1200 630 Jade Robertson

“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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Image: 15 January provisional tax
  • Lee Stace

Don’t let 15 January provisional tax cause stress
Don’t let 15 January provisional tax cause stress 1200 630 Lee Stace

Paying 15 January provisional tax can be stressful and a pain in the derrière for many businesses – but it doesn’t have to be. There is an IRD-approved service that allows taxpayers to make this payment when it suits them. To understand why this might appeal, one must understand why 15 January provisional tax can…

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