To help you complete your transfers to IR on time, we have identified taxpayers who may need transfers by certain tax pooling cut-off dates
Please note: this report is best used in conjunction with the Global Balance Report for a complete listing of your taxpayers' balances. This is because the report will display taxpayers' with the chosen terminal tax date that have balances which are more likely to relate to the standard tax dates for the 2023 year. Therefore it is not a complete report of all your taxpayers’ balances
Background information:
Tax pooling purchases must be transferred to IR within 75 days of a taxpayer’s terminal tax date (their “cut-off date”). After their cut-off date, IR treats these transferred funds as paid on the date of transfer rather than the effective tax date you purchased. As such, any penalties and interest accrued will remain.
How to utilise the report:
Current balances
- For taxpayers who need their balances: use our Residual Income Tax tool (Finalise year-end) to finalise the 2023 income year in minutes.
- For groups depositing tax into one entity: use our swap and transfer tools to achieve the tax position you need for the associated entities.
- For taxpayers with surplus amounts held in the pool:
- Stop taxpayer reminders by selecting Hold in Pool and completing the confirmation, or
- Earn interest by swapping the tax to a future year or selling for a refund.
Incomplete purchases
- Ensure current orders are paid on time.
- For overdue orders please contact team@taxtraders.co.nz to get a new price.
- Cancel any orders that are no longer required.
If you have any questions, or would like help with using this report, please contact us.