TMNZ Board announces new Chief Executive
TMNZ is thrilled to announce the appointment of Matt Edwards as CEO, effective 1 May 2024.
Matt joins TMNZ following 16 years of strategic leadership and entrepreneurial experience, working in the FinTech sector in the United Kingdom and across Europe.
The appointment signals the next chapter in TMNZ’s journey, as the purpose-led tax pooling originators and market leaders look to help more New Zealand businesses, in exciting new ways.
Board Director and TMNZ Founder Ian Kuperus said:
“We’re delighted to welcome Matt to TMNZ. Matt is extremely well regarded overseas for his senior leadership of people, strategy, technology, innovation and product capability areas. Now our New Zealand business, and our customers, will benefit from this deep experience.”
Matt’s background shows that he is a growth specialist, with a track record of driving businesses forward, developing high-performance teams and bringing transformational change to businesses looking to take the next step.
New CEO Matt said:
“TMNZ has developed an enviable reputation as an industry leader in tax pooling services. I believe the business is primed and ready to take the next step, by changing up how we deliver our current market offering and better serving our customers' needs in a dynamic FinTech world. I am very excited about the opportunity to drive this vision."
The appointment follows news of former CEO Chris Cunniffe retiring from his position in January 2024, but continuing in an advisory capacity to support a smooth leadership transition. The TMNZ Board personally thanked Chris for 12 fantastic years of leadership. The Board also thanked Amanda Thorpe, for guiding the business through the transition period in her role as Acting CEO.
Under Matt’s leadership, TMNZ remains committed to building on its successes and delivering the best client experience, as well as continuing to donate its profits to Whakatupu Aotearoa Foundation for a restored and thriving New Zealand.
For queries please contact TMNZ Brand and Marketing Director at charlotte.tremewan@tmnz.co.nz
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.
TMNZ leadership update, January 2024
After 12 years successfully leading and growing Tax Management New Zealand (TMNZ), Chris Cunniffe has announced he will be retiring from his position and leaving the business in 2024.
While Chris will step down as CEO on 31 January, he will continue to support TMNZ in an advisory capacity, ensuring a smooth transition to TMNZ’s next Chief Executive.
Board Director and TMNZ Founder Ian Kuperus personally recognised Chris for his outstanding service:
"Chris has made a significant contribution to TMNZ, growing our purpose-led tax pooling business from seven people in 2011 to over 70 today, helping hundreds of thousands of taxpayers across New Zealand. Chris has shown an unwavering commitment to his team, clients and communities, through Whakatupu Aotearoa Foundation."
The Board has appointed current TMNZ Head of Transformation and People, Amanda Thorpe as Acting CEO, effective 1 February 2024.
“Amanda brings senior leadership experience in transformation, culture and high-performance, here in Aotearoa and overseas. We’re fortunate that Amanda, as Acting CEO, is well positioned to support the business through the next period of change.” says Ian.
Amanda will work closely with the TMNZ Leadership Team including Acting Chief Operating Officer, Matt Rama who prior to TMNZ managed another tax pooling business.
As TMNZ looks to the future, the business remains committed to continuing to build on its successes and delivering the best people and client experience, as well as continuing to donate its profits to Whakatupu Aotearoa Foundation for a restored New Zealand.
The TMNZ Board has begun the recruitment process for a permanent CEO and once complete, new leadership will be communicated through TMNZ channels.
For queries please contact TMNZ Brand and Marketing Director, at charlotte.tremewan@tmnz.co.nz