We’re proud to be the exclusive tax pooling Business Partner to CA ANZ

Need to calculate final tax payment required?
Calculate the uplift amounts and select desired payment options for residual income tax in a few easy clicks

How to finalise the tax year by using our Residual Income Tax (RIT) Tool

By using our RIT Calculator – the most advanced tool in the market – you can optimise your client's tax position in minutes. You no longer have to figure out how much tax is needed at each date; the calculator will do it all for you.

Do it all online in few minutes:
  • Talk to us
  • If you’re an individual taxpayer, we recommend you ask your Accountant to contact Tax Traders so we can get the best outcome for you.

    How does it work?

    Enter the RIT or specific payment amounts into our RIT Tool and any payments made to or credits in the client’s Inland Revenue (IRD) account for the tax year concerned. The RIT Tool takes into account any transfers from the tax pool from settled tax finance or buys, as well as any finance or buys on invoice (with the option to exclude these from the final calculation).

    It also will recognise any deposits in the pool, allowing you to select which deposits are utilised. If there are deposit surpluses you can determine how you would like these applied.

    The RIT Summary will specify the tax required at each provisional date and funds will be apportioned accordingly. If there are shortfalls, the necessary tax purchases will be automatically lodged. Once completed, your client’s provisional tax requirements with IRD will be met.

    Benefits

    • Ensures amounts transferred to IRD are the right amount and at the right date - we stand behind our calculators.
    • Prevents use-of-money interest charges and late payment penalties being applied.
    • Completes swaps automatically online – quickly, efficiently and accurately.
    • All debit and credit interest is set off, leaving you with a single easy payment.

    Criteria

    • When swapping a deposit, you are selling the surplus deposit tax credits and purchasing tax credits at the correct date. The swapped funds become purchased funds as a result and can only be used to satisfy income tax obligations for current periods.
    • Purchased tax credits must be completed and transferred to IRD within 75 days of your client’s terminal tax date.

    Greater protection with Tax Traders

    • 100% IRD approved
    • Public Trust holds and approves all payments and transactions
    • Independently audited
    • Money back guarantee if Inland Revenue decline your request

    Do it all online in few minutes

    Get started Talk to us

    If you’re an individual taxpayer, we recommend you ask your Accountant to contact Tax Traders so we can get the best outcome for you.