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Tax Pooling

Tax Pooling

Estimating your provisional tax can be difficult: pay too little and you will be hit with UOMI and other penalties; pay too much and valuable working capital is locked up at the IRD earning a minimal return.

The solution is to deposit your provisional tax payments into the tax pool held at Inland Revenue to reduce your exposure to UOMI and increase your return on overpayment.

  • Underpaid?
    Save up to 30% on your UOMI bill by buying the tax you need from the tax pool instead of paying Inland Revenue UOMI.
  • Overpaid?
    Increase your return on overpayment by selling excess tax for up to double what Inland Revenue will pay you in UOMI.
  • Cashflow tight?
    Treat your tax payments as a pre-approved overdraft facility - the funds can be withdrawn and financed at competitive rates at any time.
  • Tax on the right dates?
    Swap excess tax payments for tax on a later or earlier date you require and maximise your return.
  • Estimated correctly?
      tax pooling solutions will transfer your tax payments from the pool to your taxpayer account at Inland Revenue at no charge.

An additional benefit of using  tax pooling solutions is that if you have an amount of income tax to pay for a prior year due to a reassessment by Inland Revenue, you can purchase back dated tax from tax pooling solutions at interest rates that are up to 30% cheaper than Inland Revenue's UOMI rate. By purchasing back dated tax on the correct payment date, Inland Revenue will not charge you UOMI. This can be used for most tax types, not just income tax.

Depositing into the tax pool is free and you'll never pay more than if you had paid directly to the Inland Revenue. Don't pass up this opportunity to improve your bottom line.

Talk to us about this.

New Options to pay provisional tax from March 2018



Changes to Tertiary Funding

New Post



Budget Measures legislation enacted, 30 May 2017

The Taxation (Budget Measures: Family Incomes Package) Act 2017 (No 22 of 2017) received the Royal assent on 29 May 2017.

The amendments in the Act increase the two lowest personal income tax thresholds, repeal the independent earner tax credit, and increase the younger child payment rates of the family tax credit.

The main amendments are to the Income Tax Act 2007. The Act also amends the Tax Administration Act 1994, the Taxation (Annual Rates and Budget Measures) Act 2011 and the Customs and Excise (Tobacco Products - Budget Measures) Amendment Act 2016.

Source: www.legislation.govt.nz

Tax on Youtube receipts

Budget Measures legislation enacted, 30 May 2017

The Taxation (Budget Measures: Family Incomes Package) Act 2017 (No 22 of 2017) received the Royal assent on 29 May 2017.

The amendments in the Act increase the two lowest personal income tax thresholds, repeal the independent earner tax credit, and increase the younger child payment rates of the family tax credit.

The main amendments are to the Income Tax Act 2007. The Act also amends the Tax Administration Act 1994, the Taxation (Annual Rates and Budget Measures) Act 2011 and the Customs and Excise (Tobacco Products - Budget Measures) Amendment Act 2016.

Source: www.legislation.govt.nz

Airbnb is Taxable

AirBnb income is taxable. Don't try to hide Airbnb income because IRD can access the list of properties.

Talk to us about the GST and  Tax implications

Tax On Offshore Inheritances

It is rumoured that Inland Revenue is about to start looking at tax on homes inherited offshore. Inheritances that are distributed from an estate offshore are a foreign distribution.

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MT Wellington
Auckland

Phone: (+64) 09 575 9873
Fax: (+64) 09 575 9863
Email: mgr@kinghans.co.nz

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Off SH11
Opua

Phone: (+64) 09 402 5133
Fax: (+64) 09 575 9863
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