How TMNZ and tax pooling can help your business
TMNZ is an IRD-approved tax pooling provider which lets you pay provisional tax when it suits you. They also reduce your costs if you have missed a payment or are reassessed by taxman.
Below we explain how they can help your business depending on your situation.
Setting up a payment plan with TMNZ for your upcoming provisional tax payments for the year allows you to do this, without having to worry about late payment penalties and at a lower interest rate than what IRD charges if you are late paying or don’t pay at all.
The flexibility of being able to make payments towards what you owe IRD when it suits you and as your cashflow permits – not when the taxman tells you to – means you can keep money in your business for other things or at times when you need it most.
Those requiring working capital will find using TMNZ to defer their provisional tax payments to be useful. That’s because TMNZ interest rates are generally better than many traditional forms of finance such as a business overdraft or unsecured loan. Acceptance is guaranteed, and no security required.
Haven’t paid enough provisional tax?
If you’re paying IRD interest, you’re paying too much. TMNZ can reduce this by up to 30 percent and wipe late payment penalties if you have missed or underpaid provisional tax for the year.
Audits and voluntary disclosures
TMNZ can also reduce interest and late payment penalties for other tax types such as GST and PAYE if you have been reassessed by IRD.
Please contact us if you would like further information about TMNZ or if you wish to discuss their service.