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HOW TO USE TAX POOLING

AND PAY YOUR TAX WHEN IT SUITS YOU
Picture

Pay Your Income Tax How and When It Suits You

Tax Management NZ (TMNZ) provides an IRD-approved service that gives small businesses greater flexibility to do tax on their terms by letting them choose how and when they make their income tax payments.

Upcoming Provisional Tax Payments

Generally, you've got to pay provisional tax on the 28th of August, 15th of January and the 7th of May each year. But what if you don't have the money at the time?

Option 1: Deal with IRD direct.  They'll charge you interest of approx 8% p.a.  Plus, you may have to pay penalties from the third provisional tax date. Then interest on penalties. Ouch!

Option 2: Pay IRD via TMNZ. They'll charge you interest too, but at a much lower rate. You pay when you want to. And when your tax is on-paid to IRD, IRD views this tax as being paid on-time!

Underpaid Your Income Tax?

Fear not. If you owe provisional tax at terminal tax time you have up to 75 days past your terminal tax date (either 7 March or 7 April usually) to settle your liability. ​In the case of IRD reassessments of prior years’ tax you have up to 60 days from the reassessment notice date. 

How Does It Work?

Tax pooling is an IRD approved service that helps businesses make the right tax payments at the right time.
​
So instead of paying IRD directly, taxpayers pay into the tax pool when it suits them and TMNZ makes payments to IRD on their behalf. It’s like a balancing act; since some businesses like to overpay tax during earlier dates, this helps to cover those businesses that need more flexible tax payment arrangements. And that’s the tax pool.

Features & Benefits

  1. Match provisional tax payments to your cashflow cycles, meaning improved cashflow for your business
  2. Free up working capital. Use your funds to reinvest in your business now, and pay your provisional tax when you want
  3. Maintain your credit record.  TMNZ tax pooling does not affect existing lines of credit and approval is guaranteed
  4. Pay in flexible or fixed installments. This gives you flexibility if the unexpected arises
  5. Competitive interest rates. TMNZ rates are generally at least 30% cheaper than IRD rates

More info here...

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About TMNZ

TMNZ is a registered tax pooling provider with IRD, operating under legislation set out in the Income Tax Act 2007 and Tax Administration Act 1994.
email  Ph +64 9-973-0706  NZ Toll-free 0800-890-132  Fax +64 28-255-08279
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Information provided on this website is not intended to provide an exhaustive or comprehensive statement of tax law, nor is necessarily accurate and therefore should not be used as a substitute for considered written advice. All information published is subject to our disclaimer, terms and conditions, code of ethics and data privacy policy. All prices quoted are in NZD and exclude GST unless otherwise stated. Please note that fixed price fees do not include the cost of responding to an IRD Audit or Risk Review; please see FAQ for more info.

​© Copyright EpsomTax.com Limited 2013-2017. All rights reserved. EpsomTax.com is a registered trademark of EpsomTax.com Limited. All other registered trademarks or trademarks referred to on this website are the property of their respective owners. Use of this website is governed by the laws of New Zealand.
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  • HOME
  • ABOUT
    • IN THE NEWS >
      • OWNERSHIP STRUCTURES
      • TURNING SKILLS INTO MONEY AND A BETTER LIFESTYLE
    • PARTNERS
    • SERVICES
    • TESTIMONIALS
    • WHY USE A PROPERTY ACCOUNTANT
  • FAQ
    • AML/CFT
    • ANTI-CORRUPTION
    • AUDIT SHIELD
    • DATA PRIVACY
    • FORMS
    • GETTING STARTED IN INVESTMENT PROPERTY
    • HOW TO CALCULATE RENTAL YIELD
    • INFO FOR NEW INVESTORS
    • INVOICES
    • NEW VS OLD VS LAND&BUILD
    • TAX RETURN FAQ
    • TAX POOLING
  • CONTACT
  • BLOG