Have greater flexibility and pay your income tax how and when it suits you
Tax Management NZ (TMNZ) provides an IRD-approved service that gives 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
TMNZ has several payment options to help you manage upcoming income tax payments. This provides greater flexibility, wipes any late payment penalties, and reduces interest costs.
The burden provisional tax payments can have on your cashflow can be eased by paying off what you owe in flexible instalments, where you pay what you can, when you can.
If paying an upcoming provisional tax payment in instalments does not suit, you can also put in place an arrangement with TMNZ to defer the full amount of tax to a later date, without having to worry about IRD interest and late payment penalties.
This is another way of matching provisional tax payments to your cashflow. It also allows those looking to reinvest in their business a means to free up working capital.
Rates are very competitive when compared to traditional finances such as an overdraft or unsecured loan. This method does not affect existing lines of credit and approval is guaranteed.
Underpaid tax
Where not enough provisional tax has been paid or prior years’ tax has been reassessed, you can purchase the underpaid tax you owe through TMNZ to eliminate IRD late payment penalties and reduce interest costs by approximately 30 percent.
Your purchase can be paid off in one lump sum or in flexible instalments.
Extended deadlines give yourself more breathing room
If you owe income tax at terminal tax time you have up to 75 days past your terminal tax date to settle your liability. In case of IRD reassessments of prior years’ tax of any type you have up to 60 days from the date of the reassessment.
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.
Please contact us to discuss this further.