UPDATE: Extension to tax pooling payment deadlines for 2019 tax. Find out more >>

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Learning Module - Week 2

Part two of our series continues with the next options of Create an Instalment Plan and Purchase a Missed Payment.


Where your taxpayer has missed a payment there is no scenario where a tax purchase from the tax pool isn’t to their benefit.

They might have short paid at a due date, paid a few days late, or not paid anything at all – reduce their exposure to UOMI and late payment penalties by selecting the Purchase a Missed Payment scenario in your QUICKStart menu, which will direct you through to the Buy tool.

HOW DOES IT WORK?

  1. On the initial page of the Buy tool, choose the tax year you are wanting to set up purchases for and select your taxpayer's terminal tax date.
  2. Confirm if you are wanting the resultant tax purchase to be transferred to IR automatically or set to hold purchased funds in the pool (for manual transfer at a later date) by leaving or removing the tick from the "Transfer Funds to IRD when order is complete" box.
  3. Proceed through by clicking Start and pre-set tax dates based on your taxpayer's settings will appear. Enter the tax amounts required at one or more of their tax dates, then click Calculate to progress through to our payment options.
  4. Select and customise the preferred payment option and hit next to obtain a summary before saving, emailing or printing your purchase estimate to review with your taxpayer.
  5. When you're ready to proceed, click Submit to process the tax purchase and have an invoice emailed to you.

At any stage during your taxpayer's tax year you can set up a tax purchase to meet their provisional tax obligations in a way which suits their cashflow. If you know the amount of tax required at one or more of their tax dates and they wish to start making payments, click on the Create an Instalment Plan scenario and you will be directed through to our Buy tool to work out your desired plan.

HOW DOES IT WORK?

  1. Once you have entered the details required on your initial Buy screens and have calculated your purchase, you will reach the Payment Options tab.
  2. Here you can select the instalment option which suits your taxpayer best and customise to suit: we offer an Interest Upfront option with core tax paid over instalments, or an Instalment Plan option which combines interest and tax, then spreads the payments either over a fixed period or as fixed amounts.
  3. Click Next to proceed to the summary purchase page where you can Submit to process your purchase and generate an emailed invoice, or you can Print, or Email both your payment option page and your summary page for review with your taxpayer.

 

Hints and Tips:

  • You can save your estimate at any point and return to it via the Saved Estimates feature on your dashboard.

  • If your taxpayer has associated taxpayers, you can set up a purchase for the associated taxpayer directly through your Buy tool. Where associated taxpayers are already set up, you will have a drop-down box appear on your initial buy screen where you can select which taxpayer is to receive the resultant funds. If an associated taxpayer doesn't appear or no drop-down shows on this page when the "Transfer Funds to IRD ..." option is selected, you will need to add your associated taxpayer. Just click on the Taxpayer Settings tab or button on your dashboard and you can easily add each associate at the bottom of the page.

  • Once you've identified whether your client has Extension of Time applying, this information can be retained as a default in our system. Extension of Time will extend the time frames available for completing purchases through to a maximum of 75 days after their terminal tax date.

  • Use the Customise button on the payment options selection to adjust the settings of the payment plan. You can edit the payment date, frequency (weekly, fortnightly or monthly), number of payments or amount per payment based on your taxpayers preferences

Go to QUICKStart Learning Module - Week 3 >

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