TMNZ Blog
News & resources for business flexibility, cashflow and capital expenditure
IRD eyeing cryptoassets: Tax implications for investors https://www.tmnz.co.nz/wp-content/uploads/2020/10/Cryptocurrency-1200x630-1.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g October 19, 2020 October 29, 2020
Lee Stace
IRD eyeing cryptoassets: Tax implications for investors
Come clean or expect Inland Revenue (IRD) to come calling. For investors who are unaware of their tax obligations, this is the situation they face in the wake of the New Zealand tax department exercising its powers under the Tax Administration Act 1994 to request customer information from companies dealing with cryptoassets. This appears to…
Important considerations: 28 October provisional tax https://www.tmnz.co.nz/wp-content/uploads/2020/10/Cow-1600x630-1.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g October 5, 2020 October 14, 2020
Important considerations: 28 October provisional tax
The outbreak of COVID-19 is making it even trickier to work out how much provisional tax to pay, not to mention finding the funds to pay it. That's why, with 28 October approaching, we're going to offer a couple of pointers to consider as you look to manage this uncertainty in a pandemic-impacted environment. This…
Three tax pooling solutions for businesses impacted by COVID-19 https://www.tmnz.co.nz/wp-content/uploads/2020/08/Rubix-Cube-1200x630-1.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 25, 2020 October 1, 2020
Three tax pooling solutions for businesses impacted by COVID-19
IRD has announced a suite of tax relief measures during COVID-19 to help struggling businesses. However, a tax pooling provider such as Tax Management NZ (TMNZ) offers some solutions of its own for those wishing to manage cashflow, facing uncertainty about their profitability or needing access to funds during this difficult economic time: Provisional tax…
Standard uplift method: Things accountants should know https://www.tmnz.co.nz/wp-content/uploads/2020/08/ABC-123-1200x630-1.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 24, 2020 August 24, 2020
Standard uplift method: Things accountants should know
Need a refresher on standard uplift and how the rules around this provisional tax calculation method work? Don't worry – we've got your back. Below are some of the important things an accountant should know. It has been put together based on the queries we are receiving in the lead up to the 28 August…
Increased provisional tax threshold: Legislative application https://www.tmnz.co.nz/wp-content/uploads/2017/06/Tax-update-765x450.jpg 765 450 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 21, 2020 August 31, 2020
Increased provisional tax threshold: Legislative application
The rules that determine whether someone must pay provisional tax are still the same in terms of how IRD applies them. However, what's not the same for the 2021 and future tax years is the point at which they are applicable to a taxpayer. That's the important thing to remember if you're struggling to wrap…
Anti-money laundering requirements and tax pooling https://www.tmnz.co.nz/wp-content/uploads/2019/08/iStock-664911746.jpg 1344 820 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 12, 2020 October 12, 2020
Anti-money laundering requirements and tax pooling
Updated 12 October 2020 Tax Management NZ (TMNZ) must now conduct a limited form of customer due diligence on all clients as part of recent changes to anti-money laundering (AML) requirements. As such, we will be collecting information about the taxpayers using our service and asking anyone acting on their behalf to supply some basic…
Increased provisional tax threshold explained https://www.tmnz.co.nz/wp-content/uploads/2020/08/EMC-1200x630-1.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 11, 2020 August 20, 2020
Increased provisional tax threshold explained
A taxpayer has no obligation to pay provisional tax for the 2020-21 income year if their liability for the previous year was $5000 or less. In most cases, any income tax payable for the upcoming year will be due at their terminal tax date. That said, there are some exceptions to this rule. We are…
COVID-19 provisional tax interest remission: What you need to know https://www.tmnz.co.nz/wp-content/uploads/2020/03/Coronavirus-1200x630.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g August 7, 2020 August 11, 2020
COVID-19 provisional tax interest remission: What you need to know
Updated 11 August 2020 Small- and medium-sized taxpayers may no longer have to pay interest if they underpay provisional tax as a result of miscalculating the impact COVID-19 has on their profitability for the 2020-21 income year. However, while this concession is a major boon ahead of the 28 August 2020 payment date for those…
GST ratio timeframe extended https://www.tmnz.co.nz/wp-content/uploads/2020/07/Smartphone-calculator-1200x630-1.jpg 1200 630 Lee Stace Lee Stace https://secure.gravatar.com/avatar/f49aa15ec0cf374c0a01e6c2d1099979?s=96&d=mm&r=g July 10, 2020 July 10, 2020
GST ratio timeframe extended
IRD has extended the timeframe for taxpayers to elect to use the GST ratio method in the wake of COVID-19. They now have until 19 August 2020 or the day before the start of their 2020-21 income year, depending on which is later, to opt in. Normally someone who is eligible to calculate their provisional…
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