If you own a business, you’re probably familiar with paying provisional tax. Which means you’re also familiar with its inflexibility, and the penalties and interest that accumulate if you miss a provisional tax due date. The problem with this model is how it affects your cashflow. You need money to pay staff, cover operational expenses, and invest in growth initiatives, yet it’s tied up in saving for tax time. Or worse yet, in shelling out for Inland Revenue (IR) interest and penalties on late payments. No matter which camp you’re in, there is relief and it’s called tax pooling. If you own a b ..read more

TMNZ is thrilled to announce the appointment of Matt Edwards as CEO, effective 1 May 2024. Matt joins TMNZ following 16 years of strategic leadership and entrepreneurial experience, working in the FinTech sector in the United Kingdom and across Europe. Matt Edwards, TMNZ Chief Executive The appointment signals the next chapter in TMNZ’s journey, as the purpose-led tax pooling originators and market leaders look to help more New Zealand businesses, in exciting new ways. Board Director and TMNZ Founder Ian Kuperus says: “We’re delighted to welcome Matt to TMNZ. Matt is extremely well regarded o ..read more

“In the face of mounting environmental and climate crises, education has a key role to play in developing and sharing solutions that learn from and work with nature. Universities must adapt and innovate to respond to these challenges, to create new learning experiences and new ways to make research relevant for local communities. The AUT Living Labs grew out of a desire to radically rethink the roles and responsibilities of research and learning.”  Dr David Hall, Principal Investigator, AUT Living Labs Planting a seed is but one step in growing a tree. Beyond sunlight and soil, a sapl ..read more

Every now and then, businesses can encounter cash flow struggles, whether you have overdue invoices or an unexpected bill to pay. When this happens, it’s typical to ask your bank for help. But did you know there’s an easier, cheaper way? As a TMNZ customer, you can access funds you have paid into our tax pool at any time. You can draw out your deposits as an affordable line of credit without the headache of a loan application, conversation with a bank, or Inland Revenue (IRD) paperwork and still keep your original tax deposit date. How it works Imagine your business is suddenly hit with a big ..read more

After 12 years successfully leading and growing Tax Management New Zealand (TMNZ), Chris Cunniffe has announced he will be retiring from his position and leaving the business in July 2024.  While Chris will step down as CEO on 31 January, he will continue to support TMNZ in an advisory capacity, ensuring a smooth transition to TMNZ’s next Chief Executive.  Board Director and TMNZ Founder Ian Kuperus personally recognised Chris for his outstanding service: “Chris has made a significant contribution to TMNZ, growing our purpose-led tax pooling business from seven people in 2011 to ove ..read more

TMNZ and CA ANZ have worked together to bring you the results of the 2023 Satisfaction Survey. Tax practitioners say it takes longer to get a response from Inland Revenue Department (IRD), but they find that tax officials are helpful and demonstrate a good understanding of client issues, according to the 2023 Inland Revenue Satisfaction Survey. The annual survey is conducted jointly by CA ANZ and Tax Management New Zealand (TMNZ) to provide insight into what tax practitioners think of the way in which IRD administers the tax system. Click through to read the full results on Acuity Magazine her ..read more

Everyone loves the middle of summer and spending time with family and friends over Christmas, but it can be a challenging time of year for many small and medium-sized Kiwi businesses. According to a poll conducted by the Employers and Manufacturers’ Association, more than half of businesses experience cashflow constraints between January and March. It’s hardly surprising. The period after Christmas is traditionally slow for many companies, with people away enjoying their holidays. Consumers also tend to reduce spending after the expensive Christmas and New Year period. Businesses can come und ..read more

Just ask the taxpayers who were able to access provisional tax payments they had deposited in the TMNZ tax pool when COVID-19 brought the world to a standstill. With tax pooling, companies can easily request refunds of provisional tax payments they have made at the year to date without waiting to file their tax returns. They can receive their refunds within a matter of days. Tax can be one of the largest expenditure lines for a business, so flexibility is vital. In this economic climate, it’s far from ideal to have large sums tied up with the IRD. What if you can’t access the money in an emer ..read more

With the 28 November and 15 January provisional tax dates fast approaching, now’s the perfect time to talk to larger clients about the benefits of TMNZ corporate tax pooling. Tax pooling is an Inland Revenue-approved system to help New Zealand businesses manage their provisional tax. Instead of paying the IRD directly, taxpayers can purchase overpaid tax from other tax pool members and pay into the tax pool when it suits them. As some businesses overpay tax when they have funds to spare, they help to cover other taxpayers that need a bit more time to meet their obligations. We like to think o ..read more

The accountant says tax pooling has clear benefits over traditional tax management: Taxpayers can choose to pay their liabilities in a time and manner that suits them, without having to worry about IRD interest and penalties. They can make significant savings on use of money interest charged and eliminate late payment penalties if they miss or underpay provisional tax, or if they are reassessed by IRD. When taxpayers overpay into the TMNZ tax pool, they can earn a much higher rate of interest on overpayment of funds than they would receive from the IRD. Who oversees TMNZ’s tax pool? Lisa as ..read more