How to purchase tax credits to meet IRD reassessments
IRD allows taxpayers to use a tax pool to address audits and voluntary disclosures within certain criteria. Through the pool, a taxpayer can purchase historical tax payments that another taxpayer has made but doesn’t need – saving more than 30% over the cost of use-of-money interest incurred if settled directly with IRD.
Do it all online in few minutes:
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?
Tax in Tax Traders’ pool covers liabilities from 2006 onwards and can be used for the following tax types: GST / INC* / FBT / PAYE / RWT* / NRWT / ESCT/ RSCT.
*Inland Revenue has discretion to consider reassessments here, even if a return has not previously been filed.
Tax Traders works with you to identify the best strategy to help minimise risk and exposure. Using existing buffer payments first isn’t always the most beneficial solution. We consider the optimal application of existing payments, taking into account:
- the timing of existing payments at Inland Revenue (IRD) vs the terminal tax date;
- the size of payments vs accrued interest;
- and tax pool credits available to augment existing payments.
If you are under audit or contemplating a voluntary disclosure contact us for a no obligation quote or to discuss strategies.