Earn premium interest on overpaid tax.
How to sell your client's overpaid tax
Selling your client's overpaid tax is a win-win: your clients enjoy the benefit of a higher interest rate, while helping other taxpayers at the same time. In order to sell, your client's tax needs to already be in a tax pool account at Inland Revenue.
If the deposit has been made via a different tax pool, Tax Traders can still sell it for your client. We regularly get approached by taxpayers looking for options or solutions that they have not been able to find elsewhere.
Benefits
- Earn premium interest on deposits which are no longer required.
- Fast processing times.
- Competitive, flexible pricing.
- Public Trust ensures your client receives the payment due.
Criteria
- AML/CFT documentation is always required for sales of more than NZD $1,000 that are being paid directly to your client’s bank account. This applies across sell transactions for the calendar year (January to December). For example, if your client initiates a sale of $800 in January, then requests a further sale of $300 in August, they will be required to complete AML/CFT documentation.
- We may however also request AML/CFT documentation for sales that fall under the NZD $1,000 threshold in certain circumstances.
- Tax Traders uses online verification tools for AML/CFT compliance to minimise disruption for you and your clients.
Do it all online in just a few minutes
In your client portal, select Manage Tax > Sell – and follow the prompts.
FAQs
Can I sell tax that my client has already paid to IR?
No, you can only sell tax that your client has deposited and that currently remains on deposit in a tax pool.
Can I sell tax that my client has already paid to another tax pool through Tax Traders?
Yes. Tax can be transferred between different tax pools within 24 hours. Once transferred to the Tax Traders pool, we can then sell that tax for you and earn a premium return for your client. See the Deposits How To for details on moving deposits to Tax Traders from another pool.
What do I need to do to sell tax for my client?
Submit a Sell Tax enquiry through your Tax Traders account and we will provide you with a quote for the tax your client wants to sell. The industry is governed by AML/CFT laws so for us to pay out funds, we would need your client to complete the relevant AML/CFT identification forms and requirements. We can provide these for your client.