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Tax pooling tips: Using the Due Date on myIR statements may needlessly expose you to UOMI

Tax pooling tips: Using the Due Date on myIR statements may needlessly expose you to UOMI 1344 896 TMNZ Blog

Here we discuss how TMNZ can help you to avoid interest charges with payments at P3. Unfortunately we’re seeing many clients buying tax at the wrong dates.  We believe this is caused by the confusing way Inland Revenue displays the Residual Income Tax liability on the myIR statements.  If a taxpayer doesn’t meet the safe…

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Inland Revenue extends tax pooling deadline for COVID-19 impacted taxpayers 

Inland Revenue extends tax pooling deadline for COVID-19 impacted taxpayers  1344 896 TMNZ Blog

Updated: 11 May 2022 Anyone impacted by COVID-19 will now have 183 days after their terminal tax date (or until 30 September 2022, whichever comes first) to settle 2021 income tax arrangements with TMNZ, subject to meeting certain criteria. Inland Revenue (IR) has announced it has extended the legislative deadline, after recognising the cashflow difficulties…

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Image: IRD system

IRD system issues affecting tax pooling

IRD system issues affecting tax pooling 1200 630 TMNZ Blog

IRD is working to resolve the problem of its system incorrectly sending grace period letters to taxpayers flagged as using tax pooling. However, they have fixed the issue which was seeing someone’s GST refund being automatically applied to their provisional tax. Here’s what you need to know about both problems. Plus, we also highlight some…

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