Why would I sell tax?

If too much tax is paid into your tax-pool, this can be sold and used in one of the way as below:

Pay to bank account: money is refunded to your nominated bank account. Note that an AML check will be required for any amount of $1,000.
Pay to IRD: this will result in a cash payment to a specific tax liability. Essentially, this is a cash payment and can be made against any tax type/period with liability.
Redeposit to tax pool account: this results in a new deposit in the tax pool account at the date of processing selected during the sell process.

Benefits

Earn premium interest and credit use-of-money interest on deposits which are no longer required.
Fast processing times.
Competitive, flexible pricing.
Public Trust ensures you receive the payment due.

AML documentation is required for sales in excess of $1,000 which are being paid directly to your client’s bank account.
The AML documentation limit applies across sell transactions for the calendar year. For example, if the client initiates a sale of $800 in January then requests a further sale of $300 in August they will be subject to AML requirements.
Tax Traders use online verification tools for AML compliance to minimise disruption for you and your clients.
If making payment direct to IRD, we will need evidence of the liability this payment will clear.

If you have paid too much tax into the tax pool, you can sell this for an interest return