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Cashflow and Your Income Tax
If you miss paying your tax on time, you could end up incurring use of money interest and late payment penalties charged by Inland Revenue.
Sometimes missing your tax payment could be because you are waiting for a large customer to pay you, or perhaps you have some increased capital expenditure that has arisen. And so your current cash facility just won't stretch far enough to enable you to meet your tax payment at present.
Oldershaw & Co Ltd In conjunction with Tax Management NZ (TMNZ) can offer you a solution that enables you to pay your income tax when you want and and not when the IRD expects you to, which can help save you money and enables you to carry on running your business.
TMNZ uses tax pooling which allows any clients in an overpaid tax position to sell tax to clients that are in an underpaid tax position on the dates that they need. When using tax pooling to pay your tax obligations, the tax that you buy is transferred to your IRD account on the date you require which allows the IRD to remove any use of money interest and late payment penalties.
Some of the benefits of tax pooling with TMNZ include:
Allowing you to defer tax payments to a date that suits you,
Being charged an interest rate much lower than the IRD's rate,
Then ability to reduce use of money interest and late payment penalties,
The interest paid to TMNZ is tax deductible to your business,
There is no credit approval required to utilise TMNZ,
The access to this funding is unsecured.
If this sounds like something you or your business could be interested in or you would like further information, please contact us to see how we can help you.
Accounting & Tax News