terminal tax

Make IRD interest, late payment penalties disappear

Make IRD interest, late payment penalties disappear 1024 683 TMNZ Blog

A missed or underpaid provisional tax payment often means a taxpayer is faced with a steep interest cost and potentially late payment penalties on top of what they owe. However, tax pooling can make that go away. A big frustration with Inland Revenue (IRD) is that it expects taxpayers to pay the correct amount of…

read more

COVID-19: IRD extends tax pooling deadline

COVID-19: IRD extends tax pooling deadline 1200 630 TMNZ Blog

Updated 19 June 2020 Anyone impacted by COVID-19 will have 365 days after their terminal tax date to settle 2019 income tax arrangements with TMNZ, subject to meeting certain criteria. IRD has used its new discretionary powers in s6I Tax Administration Act 1994 to extend the legislative deadline after recognising the cashflow difficulties some taxpayers…

read more

COVID-19: Additional tax relief announced

COVID-19: Additional tax relief announced 1200 630 TMNZ Blog

IRD will have the flexibility to change statutory tax deadlines as part of new measures announced to provide relief for taxpayers during the COVID-19 pandemic. Plans are also afoot to introduce a temporary tax loss carry-back scheme and relax the tax loss continuity rules. Today’s announcement by the Government recognises taxpayers require more assistance during…

read more
Image: AIM and tax pooling

AIM and tax pooling

AIM and tax pooling 1344 897 TMNZ Blog

Legislation prevents taxpayers from using tax pooling to pay AIM provisional tax instalments. We are issuing this reminder as IRD notifies us they are seeing several tax pooling transactions for these types of payments. Section RP17B (2)(a) Income Tax Act 2007 says an amount held in a tax pooling account on behalf of a taxpayer…

read more

Last chance to pay 2017 income tax

Last chance to pay 2017 income tax 1344 791 TMNZ Blog

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…

read more

Reduce interest costs on audits

Reduce interest costs on audits TMNZ Blog

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…

read more

Providing much-needed breathing space

Providing much-needed breathing space TMNZ Blog

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…

read more

Time running out to buy 2015 income tax

Time running out to buy 2015 income tax TMNZ Blog

Clients with a 7 April terminal tax date have until 15 June to purchase 2015 income tax from TMNZ. Inland Revenue will not accept the use of purchased tax pool funds to settle 2015 income tax liabilities if your clients are more than 75 days past their terminal tax date. In order for us to…

read more

Last date to purchase 2015 income tax for clients with 15 January terminal tax date

Last date to purchase 2015 income tax for clients with 15 January terminal tax date TMNZ Blog

Please be aware that if you have a 15 January terminal tax date you have until 22 March to purchase tax from Tax Management NZ to settle 2015 income tax liabilities. Inland Revenue will not accept the use of purchased tax pool funds if you are more than 75 days past your terminal tax date.…

read more

Important tax pooling deadlines to settle 2015 income tax liabilities

Important tax pooling deadlines to settle 2015 income tax liabilities TMNZ Blog

Please refer to the table below for key tax pooling deadlines of which you need to be aware if your clients need to use tax pooling to settle underpaid 2015 income tax liabilities. IRD will not accept the use of purchased tax pool funds to settle 2015 income tax liabilities if your clients are more…

read more