At Alliott NZ Ltd, we currently use a tax pooling intermediary Tax Traders for some of our clients
These clients pay their tax payments (provisional tax, etc) to Tax Traders rather than directly to the IRD.
Tax Traders as the intermediary holds the tax payments in trust for the IRD and then releases the payments to them once the final tax return is filed. This can streamline tax management and avoid any overpayments of tax and interest. As well as this, Tax Traders also offer a service to finance tax payments, allow tax purchases for underpaid tax and swaps to earn interest and mitigate tax exposure.
Most recently they have launched a new product called Taxi.
This is a funding facility where clients pay their tax payments but have the ability to drawn down 90% of those funds. It is like an overdraft facility but there is no security or guarantees required. The current interest rate is a competitive 7.09% which is much lower than overdraft rates. There are also no hidden fees.
Once the tax payments have been made, clients can access the funds for up to 9 months. Repayments are flexible. Repayments can be made and then on further tax paid 90% of this can be redrawn.
For further information please contact us at Alliotts or go to https://www.gotaxi.co.nz/
