TMNZ

Image: AIM and tax pooling
  • Lee Stace
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AIM and tax pooling
AIM and tax pooling 1344 897 Lee Stace

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…

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Image: Taxation (Kiwsaver, Student Loans, and Remedial Matters) Bill
  • Lee Stace
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TMNZ’s submission on Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill
TMNZ’s submission on Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill 1344 706 Lee Stace

TMNZ supports all but one of the proposed provisional tax amendments in the Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill. We made a submission on the Bill last week after receiving feedback from clients. In it, we share our thoughts on the following proposed amendments to provisional tax: Eliminating the requirement to estimate at…

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Image: Taxation (Kiwisaver, Student Loans, and Remedial Matters) Bill
  • Lee Stace
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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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Image: Walker & Co Real Estate owners Lee And Marc Walker
  • Lee Stace
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Walker & Co Real Estate remedy big provisional tax problem
Walker & Co Real Estate remedy big provisional tax problem 1200 630 Lee Stace

Provisional tax is not without its challenges. Marc and Lee Walker from Walker & Co Real Estate know this all too well. The husband and wife duo do not take umbrage at paying tax. No siree Bob. It’s part and parcel of being in business. And they accept it ain’t going away. But they do…

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Image: Auckland Sky Tower
  • Denise Pimentel
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TMNZ stepping up for Leukaemia & Blood Cancer New Zealand
TMNZ stepping up for Leukaemia & Blood Cancer New Zealand 1200 630 Denise Pimentel

TMNZ staff are raising money for Leukaemia & Blood Cancer New Zealand by racing up the tallest building in the Southern Hemisphere next month. Grace Evetts, Mara Fisher, Neil Bhattacharya, Jatin Sharma and Lee Stace – collectively known as the ‘TMNZ Fast Five’ – are participating in this year’s Step Up Sky Tower Stair Challenge…

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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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Image: New provisional taxpayer first year trading
  • Lee Stace
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First year of trading and provisional tax
First year of trading and provisional tax 1200 630 Lee Stace

What are a taxpayer’s provisional tax obligations in their first year of trading? This is a question we receive a lot. In fact, there is certainly a lot of confusion out there. As most know, their first year of trading is not tax-free. However, when income tax is due and payable depends on a taxpayer’s…

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Image: Tax Policy Scholarship Competition
  • Lee Stace
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Tax Policy Scholarship Competition finalists
Tax Policy Scholarship Competition finalists 1200 801 Lee Stace

A negative income tax coupled with a flat tax rate for individuals and the creation of a trusted taxpayer regime. These are among the ideas judges will hear as part of the Tax Policy Scholarship Competition. A tax on biogenic methane emissions and freshwater as well as reforming the R&D tax credit regime are the…

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Photo: Prodigy Hair Industry's Krystle Walker
  • Lee Stace
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Prodigy Hair Industry cuts tax stress
Prodigy Hair Industry cuts tax stress 1920 1282 Lee Stace

Krystle Walker from Prodigy Hair Industry loves cutting and styling hair. She does not love provisional tax. That’s why she utilises the service of TMNZ. They cut away the stress this causes her so she can focus on running and improving her salon.   But more on that in the coming paragraphs. First, some background…

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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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