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…
read moreHere’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…
read moreTaxpayers 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…
read moreThe 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…
read moreNo 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…
read moreUsing 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…
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