Tax Management NZ are looking forward to catching up with our TINZ accountants at the March 2012 conference.
Tax PURCHASE
We are currently helping many of you whose clients have unpaid 2011 terminal tax with UOMI exposure. The client can buy the underpaid provisional tax and reduce the UOMI and if there are any late payment penalties these are reversed. The deadline for these is within 75 days after the terminal tax date for the specific client.
Can a Tax PURCHASE eliminate a late payment penalty?
If it is not yet 75 days after the terminal tax date for the income year you need tax, we can eliminate all late payment penalties for Income Tax shortfalls.
Does a client have to be registered with TMNZ to make a Tax PURCHASE?
No, only you as their accountant needs to be registered. There is no cost for this registration.
Tax FINANCE – Client has $10,000 due 15 January 2012 but wants 6 months breathing space $394 (interest only) is all it takes and TMNZ will deposit into the Tax Pool the $10,000 and your client will then have until 23 July 2012 before needing to pay the $10,000. The interest is deductible too.
FINANCE DETAILS:
Assistance is available in the form of Tax Finance for all provisional tax dates – eg 15 January 2012 P2 for March balance. This provisional date can be particularly difficult not just the cash flow pressure but the timing of 15 January – they could be away (and spent all their funds on the family at Christmas) or waiting on debtors to pay your clients. Using the Tax Finance service they can defer this payment for 3-12 months (using the cash to cover working capital in the interim).
This is a funding line specifically for provisional tax and is pre-approved at highly competitive rates (from 5.6% - rate depends upon amount and term). The minimum amount for tax finance is $5,000.
Calculate finance fees now http://www.tmnz.co.nz/accountants/taxfinance/
Clients (businesses and individuals) can arrange directly and include your details for cc – save your time and effort. http://www.tmnz.co.nz/businesses/
* Amongst the cheapest funding you can get - from 5.6% for a term of 3 – 12 months depending
on your client’s requirements ($5,000 minimum)
* Funds are held on their behalf by Guardian Trust
* Leaves existing bank funding intact
* Acceptance is guaranteed
* No other security required
* No forms or credit checks to complete
* No establishment fees
* Can be put in place instantly
Latest legislative changes on tax pooling (Oct 2011)
Let me know if we can assist further.
Regards
Liz
Liz Taylor, Chief Customer Officer
Tax Management New Zealand | Tame Your Tax| P O Box 25050 St Heliers Auckland 1740 | www.tmnz.co.nz
PH: +64 9 575 9105 | DDI: +64 9 520 8929 | FAX: +64 9 524 6203 | MOB: +64 21 742 888
