Finalise the income year (using our RIT Tool)

Need to calculate the final tax payment required? Calculate the uplift amounts required and select the desired payment options for RIT in a few easy clicks.

How to finalise the income year by using our RIT Tool

By using our RIT Tool – the most advanced tool in the market – you can optimise your client’s tax position in minutes. You no longer have to figure out how much tax your client needs at each date; our RIT Tool will do it all for you.

How does it work?

Enter the RIT or specific payment amounts into our RIT Tool and any payments made to or credits in the client’s Inland Revenue account for the income year concerned. The RIT Tool considers any transfers from the tax pool from completed tax purchases, as well as any incomplete purchases on invoice (with the option to exclude these from the final calculation).

Our RIT Tool will also recognise any deposits in the pool, allowing you to select which of your client’s deposits are utilised. If there are deposit surpluses, you can determine how you would like these applied for your client.

The RIT Tool will specify the tax amount required at each provisional tax date and funds will be apportioned accordingly.

If there are shortfalls, the necessary tax purchases will be automatically calculated and lodged. Once completed, your client’s provisional tax requirements with Inland Revenue will have been met.

Benefits

  • Ensures amounts transferred to Inland Revenue are the correct amount and at the correct date – we stand behind our calculators.
  • Prevents debit use of money interest charges and late payment penalties being applied.
  • Complete swaps automatically online – quickly, efficiently and accurately.
  • All debit and credit use of money interest is set off, leaving your client with a single easy payment if a purchase is required.
  • Choose from one of four payment options: single payment, interest upfront, instalment or pay as you go (flexible).

Criteria

  • When swapping a deposit, you are selling the surplus deposit tax credits and purchasing tax credits at the correct date. The swapped funds become purchased funds as a result and can only be used to satisfy income tax obligations for current periods.
  • Purchased tax credits must be completed and transferred to Inland Revenue within 75 days of your client’s terminal tax date.

Do it all online in just a few minutes

On your client dashboard, select Manage Tax > RIT – and follow the prompts.

See Also:

RIT Tool how-to videos