1. Knowledge
  2. About Tax Traders

Security and legality

Your clients have greater protection with Tax Traders.

  • 100% Inland Revenue-approved.
  • Public Trust as trustee holds and approves all payments and transactions.
  • New Zealand’s only independently audited tax pool.
  • Money back guarantee for requests made in good faith, if declined by Inland Revenue.

FAQs

How do I know my client’s funds will be safe?

All payments and refunds are made to and from accounts owned by Public Trust, who acts as a custodial trustee on your client’s behalf in relation to all client funds. Tax Traders has no authority on these accounts. Inland Revenue has also acknowledged Tax Traders has no authority to instruct Inland Revenue in relation to these accounts. All instructions in relation to client funds and provisional tax payments must be authorised by Public Trust.

Public Trust is one of New Zealand’s largest trustee organisations and a Crown entity. Their independence is guaranteed under the Public Trust Act 2001. We engaged Public Trust because they are Government owned and are known for their independent and reliable service.

For more details, please visit www.publictrust.co.nz, or contact:

Glenn Wilkinson, Manager Custodial Services,  Public Trust: (04) 978 4616, cts.operations@publictrust.co.nz — Ground Floor, 100 Molesworth Street, Wellington 6011

Is this legal?

Yes. Tax pooling intermediaries operate under legislative provisions set out in the Income Tax Act 2007 and the Tax Administration Act 1994. A person who wants to act as a tax pooling intermediary must obtain approval from Inland Revenue. Tax Traders is Inland Revenue approved.

Tax pooling operates as a partnership between the public and private sectors. Inland Revenue put the framework in place to assist taxpayers and the private sector (through tax pooling intermediaries like Tax Traders) facilitate settlements between taxpayers. As the one who established the framework, Inland Revenue only allows tax pooling intermediaries they specifically approve to offer this service.

Who is behind Tax Traders?

Tax Traders is owned by Josh Taylor, Nicola Taylor, Mike Shaw and Robin Oliver. The company is also supported by an Advisory Board which meets several times a year to provide strategic direction and governance.

Is the tax pooling system unique to New Zealand?

Yes. New Zealand is the only country that allows tax pooling. It was introduced by Inland Revenue as a response to the challenges associated with designing an equitable provisional tax regime.