Better cashflow management with tax pooling
We’re excited to invite you to our short webinar on Better cashflow management with tax pooling. Learn how tax pooling is an Inland Revenue (IR) approved way to make your provisional tax payments work for you, not against you.
What’s tax pooling?
Tax pooling is a perfect solution for businesses worried about future cashflow and looming obligations. By working with us, you’ll have total control over your tax bill.
Instead of paying IR directly on a set date, you can pay into TMNZ’s tax pool whenever you like. When your tax bill arrives, let us know and we’ll transfer the exact amount to IR on your behalf. The second we do that, it’ll be considered “tax paid”.
Watch our webinar and you’ll hear how we can help you keep money in your business when you need it most and top up your tax payments at any time.
What we’ll cover
- what is tax pooling and how it works
- paying provisional tax on your terms (defer payments up to 22 months!)
- real-world tax pooling benefits (case studies)
- optimise your 28 August tax payment
- Q&A.
Who this is for
This webinar is perfect for business owners and finance professionals interested in using tax pooling to take the stress out of tax time and keep more cash in the business.
This content is for general information purposes only and should not be used as a substitute for consultation with our team of specialists.
The interest rates mentioned in our webinars were accurate at the time of original recording. Please note that IRD interest rates change over time. Always refer to current official IRD rates for the most up-to-date information.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
Tax Drawdown: Use your tax payments as a line of credit
Every now and then, businesses can encounter cashflow struggles, whether you have overdue invoices or an unexpected bill to pay. When this happens, it’s typical to ask your bank for help. But did you know there’s an easier, cheaper way?
As a TMNZ customer, you can access funds you have paid into our tax pool at any time. You can draw out your deposits as an affordable line of credit without the headache of a loan application, conversation with a bank, or Inland Revenue (IRD) paperwork and still keep your original tax deposit date.
How it works
Imagine your business is suddenly hit with a big cost and you need some quick cash. By getting in touch with TMNZ, you can access the money you’ve already paid into and held in our pool.
You can draw down the funds on a temporary basis, and our flexibility helps you solve a short-term business challenge in a simple, cost-effective way.
TMNZ Tax Drawdown allows you to use your tax payments in the pool as collateral to take out funds at attractive interest rates. You can request money at any time and it will land in your account within three to five business days (provided AML requirements are met).
The benefits
Tax Drawdown puts you in control. You can borrow money for a minimum of four weeks or a maximum of up to 75 days after your terminal tax date. Once you’ve paid us back, we can continue to hold those tax payments in the pool (which will be available for a future drawdown) or transfer the payments to the IRD to meet your tax liability.
Small businesses and larger companies alike can tap into Tax Drawdown, and there’s no limit to how much of your tax deposit you can withdraw.
If your current tax pool doesn’t do drawdowns, fear not. You can transfer your tax pool payments to us and kick-start the process immediately.
While Tax Drawdown is a bit like a line of credit, we don’t charge line fees or establishment fees like the banks.
TMNZ can also offer more competitive interest rates than the banks. Our rates are the same as our finance rates, which are much closer to the cost of a home loan than a small business loan. Interest costs depend on how much money you take out and the duration of your withdrawal and you’re only charged for the period you use the funds.
Kathleen Payne, Director of Strategic Partnerships at TMNZ, says Tax Drawdown can be a business lifeline.
“It’s really useful for businesses that need to make a capital investment, buy stock, or simply position themselves for the rest of the year. People can use our tax pool to their advantage and it’s so easy to do, with interest costs limited to the time they’re using the funds. It’s another working capital option for businesses, particularly in an environment where cashflow is causing a lot of constraints.”
How to use Tax Drawdown
Accessing your money is a painless process. Get in touch with us or ask your tax adviser to call or email our team.
Kathleen says Tax Drawdown applications are “relatively simple” and can be made multiple times a year.
“A small amount of information needs to be provided. We ask how much money you need and how long you need it for. We then work out your interest rate, finalise the terms, and get it signed.”
Kathleen says Tax Drawdown can help businesses and the New Zealand economy by freeing up money for investment and growth.
“If you think about what businesses use the funds for, it’s additional spending in the economy. Tax Drawdown enables people to use money at a reasonable cost to make capital investments, investments in staff, or meet a market challenge.
“All of these things help businesses survive and thrive, and it has a circularity for the whole economy,” she says. “It’s money going back into the business community while helping companies meet their tax liability. So everyone’s a winner.”
In need of flexible, affordable financing? Contact our team to take advantage of Tax Drawdown today.
Cashflow flexibility with Tax Finance
We’re excited to share with you our webinar, Tax Pooling – Cashflow flexibility with Tax Finance. If you’re new to Tax Finance or need a refresher, you will learn how it can help your business better manage tax payments. It’s designed to give you more cashflow flexibility and solve your working capital needs.
What you’ll learn
- what is Tax Finance
- using Tax Finance to optimise working capital
- deferring tax payments with tax finance
- how to gain competitive advantage, through a business case study
- Tax Drawdown options
- Q&A
Who this is for
This webinar is perfect for finance professionals in medium to large businesses.
This content is for general information purposes only and should not be used as a substitute for consultation with our team of specialists.
The interest rates mentioned in our webinars were accurate at the time of original recording. Please note that IRD interest rates change over time. Always refer to current official IRD rates for the most up-to-date information.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
Managing Imputation Credits
We’re excited to share with you: Tax Pooling – Managing Imputation Credits where you will learn how to manage your ICA (Imputation Credit Account) position by using and recording tax pooling transactions.
What you’ll learn
- the purpose of an ICA
- when imputation credits and debits arise on tax pooling transactions
- how New Zealand tax legislation requires these entries to be recognised
- Q&A.
What are Imputation Credits?
Imputation Credits allow businesses to pass on the income tax they have already paid, to their shareholders.
A shareholder can claim the credits they have received to offset the tax they are liable to pay on that dividend income. This prevents double taxation in the hands of the shareholders.
Who this is for
This webinar is perfect for tax agents and accountants in businesses dealing with the Imputation Credit return.
This content is for general information purposes only and should not be used as a substitute for consultation with our team of specialists.
The interest rates mentioned in our webinars were accurate at the time of original recording. Please note that IRD interest rates change over time. Always refer to current official IRD rates for the most up-to-date information.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
How you can use tax pooling like a savings account
In business, cash is king, and being able to access funds quickly in a crisis can mark the difference between success and failure. In an unpredictable world, having the ability to access cash during challenging times can be priceless.
With tax pooling, companies can easily request refunds of provisional tax payments they have made at the year to date without waiting to file their tax returns. They can receive their refunds within a matter of days.
Tax can be one of the largest expenditure lines for a business, so flexibility is vital.
In this economic climate, it’s far from ideal to have large sums tied up with Inland Revenue (IR).
What if you can’t access the money in an emergency?
What if your profitability projections trend down over the year, meaning you’re likely to overpay?
For taxpayers with a 30 June year-end, the first instalment of provisional tax is due on 28 November. Every business and sole trader should ask themselves these questions, especially if their work is seasonal or cyclical in nature.
Businesses should also think about the accessibility of their funds if their income is difficult to predict or fluctuates due to factors such as commodity prices, adverse weather events, or the exchange rate.
Accessible tax money
Depositing tax payments into a tax pool can form part of an effective risk management strategy in times of uncertainty.
Look at it like depositing into a savings account with the added benefit of eliminating late payment penalties and IR interest. You can still access your funds if you need to, you’re covering yourself for tax time and possibly extending your time to pay.
How depositing provisional tax into a tax pool works
Tax pooling operates with the blessing of the New Zealand tax department. TMNZ has been a registered provider of the service since 2003.
Companies deposit their provisional tax payments into a shared pool instead of directly into their own IR account.
Each payment is date stamped as at the date it is made into the pool (e.g., 28 November). Funds are held in an account at the IR. This account is managed by an independent trustee, Guardian Trust.
A taxpayer holds their payments in the pool until it instructs TMNZ to transfer their deposits to their own IR account.
Taxpayers can request a refund from TMNZ of provisional tax deposits held in the pool at any time without having to file their tax return or an estimate with IR.
Refunds may be subject to meeting anti-money laundering requirements. (Corporate taxpayers also need to be mindful of imputation credit account impacts when requesting a refund of tax they hold in the pool).
A taxpayer typically instructs TMNZ to transfer their tax deposits to their own IR account once they finalise their tax return and know the amounts required at each instalment date to satisfy their liability for the year.
As the tax being transferred from the TMNZ tax pool to a taxpayer’s IR account has been date stamped to when it was originally paid into the pool, IR recognises it as if the taxpayer paid the whole amount on time.
This remits any IR interest and late payment penalties showing on the taxpayer's account.
Access previously paid funds
If you’re short on cash, tax pooling also allows you to temporarily withdraw deposits you hold in our pool.
You can access the amount of provisional tax funds you have deposited (minus an upfront interest cost). You also have the option to restore your deposit at the original deposit date once your cashflow situation has improved.
Buy some time
When preserving cashflow is high on the agenda, you can use a tax pool to defer upcoming provisional tax payments to a date in the future without incurring late payment penalties.
For example, someone with a 7 April terminal tax date could have up to 75 days from that date to settle their provisional tax.
Earn more interest if you’ve overpaid
If you have surplus tax remaining in the pool once you have transferred money to the IR to satisfy your liability, you can earn interest above the IR’s credit interest rate by selling the excess tax to other pool members that have underpaid for the year or have received a notice of reassessment from the IR.
Please note that this is subject to market demand.
The purchasing taxpayer can reduce the interest cost faced on their underpayment significantly when applying this tax against their liability. This also eliminates any late payment penalties.
Overpayers earn more interest while fellow taxpayers pay less. Everyone’s a winner!
Find out more
To learn more about managing your provisional tax, check out our calculating provisional tax guide and cashflow management tips for businesses.
Alternatively, please get in touch with our friendly support team if you have any questions. We're always happy to help.
Manage IR exposure with corporate tax pooling
With the 28 November provisional tax date fast approaching, now’s the perfect time to talk to larger clients about the benefits of TMNZ corporate tax pooling.
Tax pooling is an Inland Revenue-approved system to help New Zealand businesses manage their provisional tax. Instead of paying the IRD directly, taxpayers can purchase overpaid tax from other tax pool members and pay into the tax pool when it suits them.
As some businesses overpay tax when they have funds to spare, they help to cover other taxpayers that need a bit more time to meet their obligations. We like to think of it as businesses helping businesses.
TMNZ is proud to be New Zealand’s original tax pool, pioneering the concept in 2003. We haven’t looked back since, helping large businesses, SMEs, and sole traders with tax management.
With tax pooling, businesses that can’t meet their provisional tax liabilities can purchase tax from those that have overpaid. This is charged at a lower interest rate than the IRD’s use of money interest charges, and companies also avoid late payment penalties.
There are advantages on both sides of a tax pool. Companies that have overpaid into our pool can also earn more interest on their surplus tax than if they had paid the IRD directly.
Clients that experience volatility or pay substantial amounts of provisional tax (e.g., more than $100,000 at each date) can reduce their exposure to use of money interest by paying provisional tax into the Guardian Trust/TMNZ tax pool account at Inland Revenue (IRD) rather than directly into their IRD account.
In summary, here are all of the ways corporate tax pooling is great for large companies:
- Companies earn more interest on surplus tax than they would if they overpaid the IRD.
- Tax can be purchased if businesses have underpaid income tax.
- Tax can be swapped across provisional tax dates to reduce exposure to use of money interest.
- Overpaid tax can be refunded within three to five days — without filing a return.
- Businesses can access TMNZ’s in-house expertise for corporate tax pooling advice on how to optimise their provisional tax payments.
- Money is deposited in the TMNZ tax pooling account at IRD.
What’s more, by using the TMNZ tax pool, you and your clients are also helping to give back to New Zealand. All our profit is invested in the Whakatupu Aotearoa Foundation, supporting social and environmental causes.
Contact us today to find out how TMNZ tax pooling can help your clients.
Tax Pooling Basics and Benefits
We’re excited to share with you: Tax Pooling – the Basics and Benefits. If you’re new to tax pooling, or need a refresher, watch to learn how tax pooling works and how it can help accountants and businesses better manage tax payments, with more freedom and cashflow flexibility.
What you’ll learn
- the fundamentals of tax pooling and how it works
- all the benefits of tax pooling
- best practice uses of tax pooling in the current environment
- the important ways TMNZ can help accountants and businesses.
Who this is for
- tax agents and accountants in public practice looking for an introduction to tax pooling, or wanting to refresh their knowledge
- business owners interested in using tax pooling to manage their tax with more freedom and cashflow flexibility.
This content is for general information purposes only and should not be used as a substitute for consultation with our team of specialists.
The interest rates mentioned in our webinars were accurate at the time of original recording. Please note that IRD interest rates change over time. Always refer to current official IRD rates for the most up-to-date information.
Book a tax pooling overview for your business
Is tax pooling the right solution for you? Every business we work with has different needs. Book an overview with one of our tax pooling specialists to find out how we can support you.
TMNZ celebrates 20 years of investing in innovation
TMNZ turns 20 in April, celebrating two decades of innovation as the world’s first ever tax pool. Ingenuity and creative thinking have always been part of our DNA.
TMNZ started out as an idea. Our founder Ian Kuperus, who worked for Inland Revenue and in the banking industry, recognised way back in the 1980s that businesses and the tax department were struggling with managing provisional tax payments.
The problem was felt on both sides. Businesses didn’t know how much tax they needed to pay and nearly always ended up with a Use of Money Interest exposure which most businesses viewed as a “Use of Money Penalty”. Inland Revenue, on the other hand, had the dilemma of charging one interest rate to all taxpayers, which meant that large businesses were paying up to 14% interest when their normal borrowing cost was 7%. The situation was messy.
Ian came up with a clever solution — which would allow businesses to trade their over and underpayments and thereby reduce their interest costs.
After unsuccessfully pitching the concept to Trevor de Cleene. Minister of Revenue at the time, the idea went quiet for several years. Then, in 2001, IR issued a discussion document – “More Time for Business” that included a number of ideas to improve the provisional tax system. One of its suggestions? A tax pool.
A world first
If at first you don’t succeed, try, try again. Following IR’s review, Ian explored numerous business concepts – involving joint ventures with accounting firms, banks and other financial organisations. Eventually, he went out on his own, and in 2003, TMNZ was born.
Ian says his time working for IR, The National Bank, The Dairy Board and Fonterra gave him a unique perspective on New Zealand’s tax problems, and says he was motivated to make life easier for Kiwi businesses.
“I’m a passionate believer in the value of business creating employment and livelihood for individuals, their families, and communities,” he says. “I’ve always had a desire to improve things.”
He’s proud to have played a role in New Zealand’s rich history of innovation as an integral figure in the evolution of our tax system. For this reason, Ian was recognised as EY Entrepreneur of The Year category winner in 2013, for business and social entrepreneurship.
“To be involved in something that has improved the functioning of the tax system has been very rewarding. It’s great to be part of that era of reform that started in the 80s.”
Ian has always had a strong sense of purpose and community. So, it was no surprise that his business would give back to Aotearoa.
Being the change
One of TMNZ’s values is ‘be the change’, and this has been reflected in our philanthropic endeavours over the years.
“Since the beginning, we’ve always had an element of giving back and contributing,” Ian explains. “That’s always been part of our mission, but a couple of years ago we decided to go a step further and commit all of our profits to a Foundation.”
In 2019, Ian and his wife, Wendy, established Whakatupu Aotearoa Foundation to continue their legacy. TMNZ’s profits are now entirely dedicated to Whakatupu Aotearoa Foundation’s charitable and philanthropic mission, and our goals and objectives are now closely aligned with the causes we care about.
The Foundation invests bravely. It tests ideas that have the potential to create system change and improve our environment and communities. This is ‘venture philanthropy’.
The Foundation backs smart new ideas and works alongside talented project leads, helping them develop so they can bring others on board. The Foundation aims to tackle climate change and support marginalised and disadvantaged communities.
“These are two areas where there are significant needs,” Ian says. “There’s a great opportunity to make a difference, particularly with climate change, where we are running against the clock.”
The Auckland Climate Festival grew out of early funding from the Foundation and is now preparing for its third year. Mindful Fashion New Zealand is uniting businesses from the industry to reduce waste and operate more regeneratively, thanks to seed funding from the Foundation.
Helping other Kiwi innovators
Innovation plays an important role in tackling today’s major challenges in New Zealand, whether that’s climate change, natural disasters, health and wellbeing or economic prosperity.
“We’re proud to be helping to provide a cashflow boost to Kiwi innovators, so they can continue their important work,” says Ian.
TMNZ is administering Research and Development Tax Incentive (RDTI) in-year payments on behalf of the Government, providing businesses with regular cash payments towards R&D costs.
Launched in March, this world-first payments system enables businesses to receive 15% credit on eligible research and development expenditure as regular payments, rather than having to wait until after the end of the tax year.
Early-stage startups and other pre-profit research and development businesses are set to benefit the most from this interest-free loan solution, which provides cashflow boosts throughout the year.
This new R&D tax approach has landed exactly 20 years after TMNZ launched its global-first tax payment solution.
An innovative future
Looking back over the past two decades, Ian has learnt some valuable lessons about bringing business ideas to life.
So, what makes a successful innovator?
“It’s a combination of things,” Ian explains. “Being in a position where you’re prepared to take some risks, and having a vision of a better world or better business environment. Also, being prepared to engage with others and to allow your thinking to evolve.”
We’d like to thank all of our clients, partners, and employees who have supported us since 2003. As we look forward to the next 20 years, we’ll continue our commitment to investing in innovation.
Ian remains focused on inspiring the next generation of tax industry innovators at TMNZ.
“Knowing that we can carry on a tradition of innovation gives me great satisfaction. My role now is to continue fostering the right culture and environment for our team to continue their game-changing work.”
Inspirational idea wins Tax Policy Scholarship Competition
A game-changing idea to fight climate change won this year’s Tax Policy Charitable Trust Scholarship.
Each year, the Tax Policy Charitable Trust (supported by TMNZ) awards a scholarship to celebrate the brightest young minds in the industry, and 2022’s submissions were as inspirational as ever.
Entrants were invited to submit ideas that could transform New Zealand’s tax landscape, looking at either environmental taxation, tax administration, or the powers granted to the Commissioner of Inland Revenue to collect information.
The competition, open to people aged 35 and under, generated progressive and innovative ideas from the industry’s young leaders. In the end, one entrant was selected as this year’s winner for her outstanding approach to New Zealand’s tax and environmental challenges.
And the winner is....
Vivien Lei, Group Tax Advisor at Fisher & Paykel Healthcare, won this year’s scholarship for her submission to introduce Impact Weighted Taxation in New Zealand, an innovative idea that would see businesses pay taxes based on their environmental impact.
A panel of leading industry professionals judged Lei’s proposal as the winner among a strong field of candidates. Mitchell Fraser, Daniel Doughty, and Jordan Yates were also celebrated as finalists in the competition.
Lei was crowned the winner at the Tax Policy Charitable Trust’s finals evening on October 19, after each finalist presented their idea to an audience of industry professionals.
Trust Chair John Shewan said the judges were “delighted to see passion and energy behind the submissions and supporting presentations”.
Lei, who received a $10,000 cash prize, described the competition as “an amazing experience”.
“You don't often get many opportunities to think creatively about tax policy, so this was a nice space to do that,” Lei says. “Being able to develop my policy thinking and talk to some of the leading experts was really great — and winning was a huge surprise!”
This year was Lei’s second attempt to win the scholarship following an earlier submission in 2019. Her perseverance and positive attitude paid off.
“I entered when I was still very green in my career,” she says. “Since then, I’ve been mentored by amazing people who have helped with my development, particularly Rachael Bull, Head of Tax at Fisher & Paykel Healthcare, and Joseph Chueh who fostered my interest in tax policy. I was grateful to have their support this time around.”
Tax to fight the climate threat
Lei’s background in the social impact sector and personal concerns about the environment informed her submission idea.
“These are the most difficult problems of our time,” she says. “I’m hoping my idea will bring the conversation to the fore and spark other young minds in our industry to think about how tax might influence positive environmental outcomes.”
The Tax Policy Scholarship Competition is proudly supported by TMNZ, which invests 100% of its profits back into the environment and community, through strategic philanthropic partner, Whakatupu Aotearoa Foundation. Lei believes that tax professionals can help to build a better future for Aotearoa.
“It’s scary to think about the trajectory we are on with our natural capital, so it’s important for our industry to think of ways to help,” she adds.
Inspiring future tax leaders
Tax Policy Scholarship Competition Judges commented that this year’s entrants will inspire future generations as well as today’s professionals.
“This competition is all about supporting and inspiring future tax policy leaders. The results from this year and from earlier years’ competitions reflect the presence of emerging talent that will ensure the continuation of leading tax policy research and thinking in New Zealand,” said the judges.
Find out more about the Tax Policy Scholarship Competition here.
TMNZ: 100% invested in a better Aotearoa
We’re proud to invest 100% of our profits in Whakatupu Aotearoa Foundation to help the environment and community. We have a shared goal to help build a better Aotearoa and make a difference to our people and planet. Discover how working with TMNZ enables us to achieve our goals.
Nearly 20 years after we broke the mould as the world’s first tax pool, we’re reimagining what it means to be a purpose-driven business by investing our profits back into the people and environment of Aotearoa through the Foundation.
In 2003, TMNZ was born, from a desire to help improve the tax environment for New Zealanders. Our founder Ian Kuperus created the first ever tax pooling intermediary in April that year, becoming the first mover in an innovative, uncharted industry.
Our company has evolved significantly since then.
Now operating a pool of up to $10 billion, we have supported more than 100,000 taxpayers. Over the decades, we have helped countless businesses and sole traders better manage their Inland Revenue tax payments, making the provisional tax system easier for New Zealanders to navigate.
Aside from driving tax innovation, philanthropy has always been a significant part of our story. Here’s how it has informed our past, and how it will influence our future.
Our history of giving
In the early days of TMNZ, our founders Ian and Wendy Kuperus had a strong philanthropic vision; to support organisations reaching communities across Aotearoa, making a difference in the lives of New Zealanders. For many years they donated significantly through their private charitable foundation, sharing the stories of impact with people along their journey.
Ian and Wendy stepped back from the day-to-day running of our business in 2011, but over the past 11 years, their ambition to make Aotearoa a better place has strengthened. With the growing pressures on our environment and social challenges in our communities, their goal of making an impact has grown.
As more people and businesses join our tax pool each year and our business continues to grow, we have increased our efforts to ensure we make a difference with our profits and benefit New Zealanders for generations to come.
In 2020, Ian and Wendy decided they would commit the profit of the business to Whakatupu Aotearoa Foundation to support philanthropy and charitable initiatives. They wanted to enable TMNZ to help drive change in New Zealand and create something that would leave a lasting legacy, addressing some of the key issues facing our country.
How Whakatupu Aotearoa Foundation works
Whakatupu Aotearoa Foundation was established in 2020 to continue the great work of our founders. All of TMNZ’s profits are directed towards Whakatupu Aotearoa Foundation to support philanthropic and impactful initiatives, and our goals and objectives as a business and Foundation are more closely aligned than ever. Everything we do as a company is designed to give back to New Zealand.
The Foundation and TMNZ have a vision for a restored and thriving Aotearoa. Our business generates profits and resources that go towards these strategic philanthropic endeavors. Our people are all engaged in this purpose every day.
Everyone who works at TMNZ is connected to our purpose and the work of our Foundation. Our people know that alongside their day job of making tax more flexible for Kiwis, we have an underlying objective to make a difference to our nation’s future.
Climate change is a significant focus area for the Foundation. We are seeing rapid changes to our environment that pose a threat to our future, our people and our ecosystems. The Foundation also strives to help marginalised and disadvantaged communities, which are more significantly impacted by our nation’s challenges, including the threat of climate change.
Whakatupu Aotearoa Foundation invests in projects that are designed to create lasting impact for our environment and communities. The Foundation seeks to ignite ideas that may not otherwise have been realised and its support is both financial and strategic. People working for the Foundation offer guidance and connect projects to external skills through the Foundation and TMNZ’s broad network.
Whakatupu Aotearoa Foundation is inspired by the entrepreneurial spirit of TMNZ’s founders. As the first tax intermediary in the world, TMNZ took risks to get where it is today, going to places where none had gone before. The Foundation promises to do the same, and help to accelerate change as quickly as possible to tackle complex issues.
How does the Foundation do things differently? By making catalytic investments to help set up projects and platforms such as Live Ocean Foundation. Having seen first-hand through their sailing careers how interconnected the world is through the ocean, and realising the critical need to look after it, yachtsmen Peter Burling and Blair Tuke founded Live Ocean Foundation.
It partners with exceptional New Zealand scientists, innovators and communicators to scale up action for a healthy ocean. New Zealand has the world’s fourth largest ocean area, yet only 0.4% is protected. Oceans are one of our greatest allies in the fight against climate change and we must do more to look after them. Whakatupu Aotearoa Foundation has been supporting Live Ocean from its early days to achieve its goals.
Purpose for our people
We’re proud to be a purpose-led business, investing in our people, clients, communities, and the environment. Our purpose is underpinned by our core values; be socially conscious, be the change, collaborate and connect, and make it easy.
Increasingly, people are looking for purpose in their work, and we are proud to offer each of our employees the chance to donate $1,000 to a registered charity of their choice every year. It’s a small gesture that makes a big difference — our people can personally direct funding to a charity that has affected their lives, or the lives of loved ones.
We give autonomy to our people, enabling them to engage in philanthropy from a personal level and contribute to causes that are meaningful to them, as well as supporting Whakatupu Aotearoa Foundation through their everyday work at TMNZ. The initiative has helped us to learn more about our people and what is important to them as we continue to embed philanthropy into our company.
Becoming more sustainable
In line with our goal to build a restored and thriving Aotearoa New Zealand, at TMNZ and Whakatupu Aotearoa Foundation we have turned the spotlight on ourselves over the past year to deliver a holistic approach to sustainability.
Earlier this year, we moved our headquarters in Auckland to a state-of-the-art sustainable office on 23 Customs Street, putting the environment and our people at the heart of the design.
During the year leading up to the move, we developed our sustainable new headquarters with consideration for climate change, environmental impact and waste mitigation, as well as providing a welcoming space for our people, and clients, and partners of TMNZ and the Foundation.
Engagement sessions with our employees ensured that everyone was involved in the moving process. Every aspect of the design, from flooring to furniture, was chosen with sustainability in mind, with recycled and reused materials incorporated throughout,
The vision was made a reality on moving day in March as we moved into our new home. TMNZ and Whakatupu Aotearoa Foundation have a continued commitment to reducing our environmental footprint, cutting down on waste, and finding new ways to improve on sustainability.
Relentless innovation
True to our values back in 2003, TMNZ remains relentlessly focused on tax innovation and making life easier for our clients. Technology will continue to drive innovation and enhance our services in the years to come.
Our business is in transformation mode, and we will continue to explore new ways to meet our clients’ growing demands.
Already this year, we have introduced Inland Revenue integration for our clients, with the help of Reckon/APS, and sustainable e-signature provider Good Sign. Further innovation is on the way.
We have been selected by Ministry of Business, Innovation and Employment as delivery partner, for the R&D Tax Incentive In-Year Payments Scheme. New Zealand businesses performing eligible R&D will soon be able to access R&D Tax Incentive credits much earlier, with the introduction of in-year payments in 2023. We are excited to be part of a solution that will help R&D companies doing great work to grow our economy.
100% invested in a better Aotearoa
By delivering a great service to our clients, making a profit, and donating to Whakatupu Aotearoa Foundation, we can help to tackle environmental and social challenges, putting our country in a stronger position to face the future with confidence.
Our goal to deliver the best tax solutions for Kiwis won’t change. But the impact we can make will. Whether it’s delivering flexible tax services to our clients, or working with charitable partners to drive change across Aotearoa, both TMNZ and the Foundation are committed to making a positive impact.
By investing our profit back into the Foundation to support its initiatives for the environment and community, our clients, our business, and our Foundation are all in it together.
Carl Vink, Chief Executive of Whakatupu Aotearoa Foundation, says: “It is an exciting journey, that we all are on across TMNZ, the Foundation and our project partners. We are united by taking on the biggest challenges facing our nation. There is no better motivation."
“This is such a unique opportunity to make a difference and infuse the goals of the Foundation into TMNZ,” adds Chris Cunniffe, Chief Executive of TMNZ. “Our business is fully invested in our country.”