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EMABusiness Tax pooling changes: do they affect you? Every business in New Zealand that pays provisional tax will be affected by the changes Inland Revenue has made to the Tax pooling rules. Tax pooling is provided by tax intermediaries to allow provisional taxpayers to manage their tax payments and allows businesses to: n Minimise use-of-money-interest (UOMI) with under and over payments of provisional tax, n Avoid late payment penalties; and n Finance tax In summary the rule changes are to extend tax pooling to apply to additional tax payable as a result of a reassessment which: n Includes Voluntary Disclosures and Resolution of a Dispute, and n Covers all tax types Funds will only be accessed with Take control of provisional tax payments and free up cash flow today www.tmnz.co.nz Our TaxFINANCE package allows us to pay your provisional tax for you. Why hand over money before you have to? • Authorised in one phone call • Rates from as low as 6% p.a. • Lending fee is deductible • No security or credit checks required For more information call 0800 729 829 TMNZ - Financing SME Tax since 2003 SMART TAX PAYMENTS an effective backdated date for the difference between the amount originally payable and amount payable as a result of a reassessment. Transfers of excess tax for all tax types will be allowed for deposit into a tax pooling account. Where a taxpayer transfers money to pay provisional tax with an effective date after terminal tax date, payment should be applied first to interest outstanding, then to the outstanding tax liability. The transfer of tax pooling funds between intermediaries will be allowed. This means? Essentially that IRD has more clearly identified the parameters with which businesses can use tax pooling. In addition, where IRD reassesses a taxpayer’s liability, the rules now allow for businesses to access tax payments for the additional tax they may need to pay for all tax types. Where reassessment occurs, tax pooling funds will only reduce exposure to UOMI, but not any penalties imposed. Prior to these rule changes, some taxpayers accessed tax pooling funds (with a back-dated effective provisional tax date) to pay outstanding GST liabilities in order to remove their exposure to penalties, as well as UOMI. Tax pooling was never intended to assist tax payments for businesses where payments are definitive. Tax Management New Zealand has been New Zealand’s leading tax intermediary since 2003, and is a partner with EMA. We can help you manage your provisional tax payments, maximise your cash flow, and minimise interest or penalty payments with our tax pooling facilities. Contact your accountant, or Tax Management NZ, for more detailed information. 0800 829 888 www.tmnz.co.nz Icehouse kicks off Fast Pitch 2009 Auckland University’s Icehouse has kicked off its Fast Pitch 2009 competition for entrepreneurs. The real life Dragon’s Den scenario invites people to put their business ideas to a panel of judges, with prizes on the table. The Fast Pitch final on October 27 will have 10 finalists competing for the main prize. Other categories are: n Best Intellectual Property Idea, n Best Funding Opportunity for Investors, n Best Presentation Skills and n People’s Choice award The overall winner will receive a prize package valued at over $15,000 including three months incubation in the ICE Accelerator. Last year’s Fast Pitch winner Todd Wackrow of mobile marketing company PocketVouchers said the event "was incredibly useful." The Icehouse has worked directly with 65 start-up companies and over 2,000 established companies. PAGE TMNZ 4 EMA Aug.indd EMA Business 1 Plus Magazine - Exclusive EMA news, advice, learning 24/7/09 and 10:40:53 networking AM
EMABusiness 2011 Cup event more than rugby Business benefits from Rugby World Cup 2011 will be much greater than just hosting key contacts at world class rugby games. The legacy from improving our sports and other infrastructure, accelerated road and other projects such as development of the Auckland waterfront, investor interest and boosted sectors such as tourism and marine, will result in big benefits for all New Zealanders. As a consequence New Zealand will earn the ability to promote itself as a destination for world events. These were key messages delivered to an audience of EMA Northern members last month by Martin Snedden, chief executive of tournament organiser Rugby New Zealand 2011 Ltd, and Clyde Rogers, group manager of AucklandPlus. Workshops and toolkits will be made available by mid next year for all business (the Business Ready programme) along with a Visitor Ready programme to help target on estimated 60,000 international tourists, 2000 international media and 2500 international VIPs expected here for the six-week tournament (September 9, 2011 to Labour Weekend, October 24). World television broadcasts could reach four billion. RWC games will be hosted at Martin Snedden, chief executive of Rugby New Zealand 2011 Ltd 13 locations around New Zealand with festivals aimed at all and sundry, to attract and entertain domestic and international tourists between matches. For email updates of business opportunities right now you can register on www.auckland2011. com/business. You are invited to draw up a business plan to identify opportunities talk about previous major events such as the America’s Cup and Lions’ rugby tours, and consider how you can cluster with others (if necessary) to gain tournament-related contracts. You can: n Supply goods and services, n Supply teams, sponsors, etc, n Offer sponsorship, n Tap in to the visitor market, n Contribute to infrastructure development, n Apply for subcontracts and form clusters, n Find opportunities specific to Maori/Pacific Island businesses. Your Guide to Business Opportunities around Rugby World Cup 2011 is at www. auckland2011.com/business. Register for free on the nationwide tender site www.tenderlink.com/ businessopportunities2011 as well as for central and local government tenders, licence holder and sub-contractor requirements. Tickets go on sale early next year. E MArket B2B trading online for sales innovation, and to streamline your procurement process Supply your business clients from the comfort of your swivel chair BUYERS: n Your own e-commerce system set up ready to manager n Simple-to-use. No charge to buyers n Collaborate with other buyers to get bigger volume discounts SELLERS: n Sell business to business for small fee - no charge until your first sale n Load and update your own catalogue n Full control of your own online store n Full audit trail for procurement Not an EMA member? Call 0800 800 362 Go to www.ema.co.nz to sign up to E MArket and for more details Our Vision. Your Success PAGE 5
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