How to make a swap

Create the perfect payment profile online in minutes.

If you are working to finalise your client’s income year, Tax Traders’ RIT Tool will optimise swaps automatically. See Finalise the income year (using our RIT Tool) for details.

How does it work?

If your client has deposits in the tax pool at an incorrect tax date, these funds can be swapped to the correct date to ensure your client’s tax arrives at Inland Revenue on time.

Swaps are an incredibly efficient way to move tax payments between dates, avoiding IR debit use of money interest (UOMI) or achieving more credit use of money interest.

This is also useful if your client has paid a day or two late and has therefore fallen out of the concessionary uplift regime.

To use our online swap calculator, all you need are your client deposits in our tax pool. These can be swapped forwards or backwards, and the transactions are entirely cashless.


  • Ensure tax funds transferred to IR are the correct amount and at the correct date.
  • Prevent debit UOMI charges being applied.
  • Complete swaps automatically online – no wait time.
  • Earn interest which is automatically used to purchase additional tax where deposits are in advance of the required date; the tax amount achieved is automatically reduced by the interest amount where deposits are being swapped forward to a tax date.


  • When swapping a deposit, your client is technically selling their deposit and purchasing tax 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. If retaining the ‘own funds’ status of a deposit is important (which allows your client to transfer the funds to non-income tax types), please contact us before submitting the swap request.
  • The swapped funds must be transferred to IR 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 > Swap – and follow the prompts.

Watch a brief video on swaps:




My client likes to deposit regularly in the pool. Is there a fast way to swap several deposits to achieve a tax amounts I need? Or do I need to calculate this line by line in the swap tool?

Yes, our RIT tool can be changed to a specific date option (located at the bottom of page 2 of the RIT tool) and you can enter in the tax dates and amounts you are wanting to achieve. As you progress through the tool it will calculate the needed swaps from deposit funds selected and following submission will action these for you. This is significantly faster than having to calculate a swap over multiple deposit lines.

I need to use funds under one taxpayer for an associated taxpayer, how do I load the associated taxpayer to the portal?

Select the taxpayer on your dashboard who holds the available funds and then go to Taxpayer Settings. The associated taxpayer field is at the bottom of this page and you just need to load in their name as per their IR account and their IR number. Once you have loaded your associated taxpayers drop down fields will appear within our tools to allow you to select where tax funds need to go to following completion of a transaction.

I need to swap funds and send them to another taxpayer but the taxpayer I need is not showing on the swap tool. How do I do this?

Initially check to make sure you have loaded your associated taxpayers details under Taxpayer Settings. If they are all loaded then start with the initial taxpayer you are wanting to swap and transfer funds to and set up their swap calculations. On the swap tool, if you elect for the resultant funds to remain in the pool then you will not be asked where the funds are to be transferred to.

If you want the funds transferred to IR following the swap being completed, select the Transfer to IR tick box on the right hand side of your swap line, then select the tax type and year required (reassessment criteria must be met if you use a non current income tax year, or use another tax type in these fields).

Once you select the Transfer to IR option the drop down for choosing your taxpayer will appear. You should only set up swap transactions for one individual or entity at a time on the swap tool as all calculations you complete will direct to the individual or entity selected from the drop down on this page when you submit.

Is interest earned on swap transactions paid out to the taxpayer separately? Can this go to their bank account?

No, as our swaps occur automatically online the interest earned on a forward swap transaction is used in the course of the transaction to achieve more tax at the date required. If you are not swapping all of the deposit, the amount of deposit remaining in the pool at the original date will be higher as a result of less deposit funds being used to achieve the amount of tax required.

If the client would like some of the residual funds refunded they can sell their tax which will attract an interest return and have this refunded back to them. This is subject to AML.

I want to make a swap forward to a date in the future is this possible?

Yes, you are able to make a swap forward to a future date in the system. Please note that this will not process prior to the tax date having passed, but it will go through in the first processing run after this date has gone by.