New payment options for easy tax arrangements
We recently rolled out an update that provides you with more flexibility to structure your tax payments in a way that best suits your needs.
You now have two payment structure options when setting up an easy tax arrangement:
- Pay as you go allows you to pay what you want, when you want. Key benefits of pay as you go include:
- Flexibility - make payments when it best suits you and we’ll keep you updated with the running balance left to pay.
- Pay as you go is best for taxpayers with variable cash flows or those who would like to have more flexibility with their payments.
- Our instalment plan option lets you choose your payment term and monthly payment date. Key benefits of an instalment plan include:
- Certainty - interest cost and interest rate is fixed, provided payments are made on time.
- Set and forget - better manage cash flow and budgeting by paying a fixed amount each month. You can set up an automatic payment and know that your tax is sorted.
- The instalment plan provides an alternative option for taxpayers who would otherwise opt for an IRD payment plan, or who prefer stable monthly cash flows.
If you have any questions about this update or if you’d like help selecting the right payment option for your situation, please get in touch.
The next provisional tax instalment date is 29 July 2024.
Provisional taxpayers with the below balance dates may have a tax instalment due on 29 July 2024:
- Taxpayers with a 30 June balance date will generally have their third provisional tax instalment due for the 2024 tax year.
- Taxpayers with a 28 February balance date will generally have their first provisional tax instalment due for the 2025 tax year.
- Taxpayers with a 31 October balance date will generally have their second provisional tax instalment due for the 2025 tax year.
Other important dates for your calendar
Provisional taxpayers with a 31 March, 31 July, or 30 November balance date will generally have a tax instalment due on 28 August 2024.
Now is a great time to get in touch with us to discuss financing options for this instalment.
