Transferring funds from the tax pool to Inland Revenue

Once your client’s tax liability has been determined, complete a transfer to move your client’s payments to their Inland Revenue (IR) account.

How to transfer to IR

When your client has funds (deposits or completed purchases/finance arrangements/ swaps) which have been held in the pool and they are ready to transfer funds to their IR account, you can easily set this up. You can do this through the ‘Transfer to IR’ function on Tax Traders’ client dashboard.

Use the transfer function if you know what your client needs at each date and they have what they need at that date already in the pool. If your client does not have what they need at each date or is unclear how much is required at each date, you should use our RIT tool instead. This will organise the amounts required at each date, any purchases or swaps that are required and finally load the transfers automatically.

Benefits

  • Ensure provisional and terminal tax payments transferred to IR are the correct amount and at the correct date.
  • Prevent debit use of money interest charges being applied.
  • Earn IR credit use of money interest for early deposits.
  • No minimum amounts.
  • No administration costs or fees for transfers to IR.

Criteria

  • If your client needs to move funds between provisional tax dates, you should use our swap calculator or our RIT tool (discussed on the next page) to ensure your client is getting the best outcome.
  • Transfers for purchased funds must be completed and transferred to IR within 75 days of your client’s terminal tax date.
  • If you are not planning to complete transfer requests within 75 days of your client’s terminal tax date, please contact us ahead of time so we can work through this with you.

Do it all online in just a few minutes

On your client dashboard, select Manage Tax > Transfer to IR – and follow the prompts.