The next provisional tax instalment date is 30 September 2024.
Provisional taxpayers with the below balance dates may have a tax instalment due on 30 September 2024:
- Taxpayers with a 30 April balance date will generally have their first provisional tax instalment due for the 2025 tax year.
- Taxpayers with a 31 August balance date will generally have their third provisional tax instalment due for the 2024 tax year.
- Taxpayers with a 31 December balance date will generally have their second provisional tax instalment due for the 2025 tax year.
Multi Factor Authentication (system update)
In line with PwC's security compliance, we are excited to introduce Multi-Factor Authentication (MFA) to our Tax Pooling Solutions portal. This new security feature requires you to verify your login identity using an authenticator app on your mobile device.
From 28 October 2024, all tax agents must have MFA added to their TPS accounts.
To set up your MFA, please follow these steps:
- Ensure you have either Google Authenticator (available on Android and iOS) or Microsoft Authenticator (available on Android and iOS) installed on your mobile device.
- Log into the Tax Pooling Solutions portal.
- Upon logging in, you will be prompted to scan a QR code displayed on the screen and enter the 6-digit code generated by your authenticator app. Please follow the on-screen instructions.
- Once setup is complete, you will receive a success message along with recovery codes. Please save these recovery codes in case you lose access to your authenticator app.
For future logins, you will need to enter the 6-digit code from your authenticator app after entering your login details. Please select “Trust this device” to avoid needing to enter the code on subsequent logins.
Please note that if there is no account activity for two weeks on the same device/browser, you will be prompted to input a code again.
If you have any questions or need assistance with this update, please do not hesitate to contact the Tax Pooling Solutions team.
Inland Revenue's increase in audit activity
As part of the 2024 Budget, the government has allocated $116m towards Inland Revenue’s compliance enforcement and is forecasting a return of $702m in additional tax revenue. As a result of this investment and the pressure to increase revenue collection, we are seeing a significant increase in the number of information requests and voluntary disclosures.
Inland Revenue has announced the following areas of immediate focus:
|
|
With this increase in audit activity, we'd like to remind you that tax pooling can be used to satisfy a reassessment of any tax type going back a number of years. If there is a tax exposure for you or your client, please reach out to the Tax Pooling Solutions team to discuss how we can help.
Tax pooling for other tax types
We are often asked if tax pooling can be used for tax types other than income tax.
If you have cash deposits in your tax pooling account you can, in most cases, transfer the cash deposits to IRD accounts for other tax types.
You can purchase funds from the tax pool for other tax types when a reassessment notice has been issued by IRD, or if you have received commissioner’s discretion to use tax pooling for a voluntary disclosure.
It’s important to remember that any tax pooling funds purchased for a reassessment or voluntary disclosure must be transferred to IRD within 60 days of a reassessment notice being issued.
The Tax Pooling Solutions team regularly works with taxpayers to utilise their tax pooling funds for other tax types. Please reach out to us to discuss if this could work for you.
Other important dates for your calendar
Provisional taxpayers with a 31 May, 30 September, or 31 January balance date will generally have a tax instalment due on 29 October 2024.
Now is a great time to get in touch with us to discuss financing options for this instalment.
