UOMI Archives | Tax Management New Zealand

Lee Stace
April 2, 2015
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Use of money interest update

Use of money interest update Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g April 2, 2015 April 19, 2018

Inland Revenue (IRD) use of money interest rates on underpaid and overpaid tax are set to rise next month. The interest rate charged by IRD on underpaid tax will rise from 8.4 percent to 9.21 percent. The rate for overpaid tax will rise from 1.75 percent to 2.63 percent. The new rates will take effect…

Lee Stace
January 8, 2015
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Avoid a cashflow problem in the New Year

Avoid a cashflow problem in the New Year Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g January 8, 2015 April 19, 2018

Here’s how you can delay paying 15 January provisional tax to free up working capital at a time of year when businesses are likely to need it most. The early part of the New Year can be a challenging time for small and medium sized businesses. Results from a poll conducted by the Employers and…

Lee Stace
October 28, 2014
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New form of protection from IRD penalties, interest

New form of protection from IRD penalties, interest Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g October 28, 2014 April 19, 2018

Taxpayers with volatile income can now protect themselves in advance from the risk of incurring hefty IRD late payment penalties and use of money interest (UOMI) if they have a better-than-expected financial year. Tax SHIELD™, a new product from Tax Management NZ (TMNZ), lets taxpayers put an arrangement in place whereby they pay an upfront…

Lee Stace
August 12, 2014
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Relieve winter cashflow pressure

Relieve winter cashflow pressure Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 12, 2014 April 19, 2018

The winter months can wreak havoc with your cashflow. So much so, in fact, that sometimes the last thing you want to do is pay provisional tax. Some of those with a March financial year-end can probably relate to this situation, as they will pay their first instalment of provisional tax for the 2015 income…

Lee Stace
August 6, 2014
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Take the guesswork out of provisional tax

Take the guesswork out of provisional tax Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 6, 2014 April 19, 2018

No doubt many of you will be paying your first provisional tax instalment in a couple weeks’ time. As you know, provisional tax involves a degree of guesswork because you base your payments on what you think your income tax will be. Accurately gauging how much you need to pay on your first provisional tax…

Lee Stace
July 16, 2014
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A legitimate way for farmers to keep the taxman at bay

A legitimate way for farmers to keep the taxman at bay Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g July 16, 2014 April 19, 2018

Using tax pooling to defer untimely provisional tax payments can save farmers money, as it eliminates IRD late payment penalties and use of money interest charges. In this article, we look at how it might be of use to farmers who are wishing to reinvest in their business. Farmer Joe has a conundrum. Overall, business…