Tax Pooling vs Paying IRD Late

I wanted to talk about the upcoming 15th of January POV tax bill that many of you might be pushing to the back of your minds during the holiday rush. If you’re in a situation where you won’t have the cash to pay it until July, I recommend considering tax pooling as a solution. For example, if you owe $20,000, waiting to pay it could cost you over $23,000 in penalties and interest, but using tax pooling could reduce that cost to just $670. Remember, the finance fee from Tax Management New Zealand is tax deductible, unlike IRD penalties. If you want more details or have questions, feel free to reach out to me!

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