Finex Chartered Certified Accountants

23/06/2026

23/06/2026

IRD Charged You A Penalty? 6 Ways You Can Get It Removed

Last month, my team saved a client thousands of dollars without claiming a single extra expense.

IRD charged a four-figure late payment penalty, plus interest.

Most taxpayers would have simply paid it.

Instead, we reviewed the circumstances, prepared a case, and negotiated with IRD on the client’s behalf.

The result?

Penalty remitted.

Now before everyone rushes off to ask IRD to waive their penalties, it’s important to understand that not every case qualifies.

There are rules.

For example:

1. The underlying tax generally needs to be be paid first.

2. Your compliance history matters.

3. The reason for the late payment matters.

4. The way the request is presented matters.

Many taxpayers don’t realise that IRD has discretion in certain situations.

The problem is that most people either don’t know the rules or don’t know how to make a compelling case.

In my full article, I’ll walk you through

- 6 ways that may improve your chances of having an IRD penalty removed.

- 3 common myths about IRD penalty remissions

Link in comments.

20/06/2026

Owe IRD Money? Here are 7 Things NZ Business Owners Should Do Immediately

If your business owes IRD money, I’ve got some bad news.

Budget 2026 has just given Inland Revenue another $15 million a year to strengthen compliance and debt collection activities.

And the Government expects that investment to generate roughly $3 of additional tax revenue for every $1 spent.

That’s a pretty clear sign of where the focus is heading.

The Government wants IRD collecting more of the tax that’s already owed.

So if your business has overdue GST, PAYE, Income Tax or Provisional Tax, now is not the time to bury your head in the sand.

Here’s what I’d recommend business owners do immediately.

Link in comments.

16/06/2026

Invest in overseas shares through Hatch or Sharesies? The $100,000 FIF threshold Is big news after 25 years, and with a catch...

If you’ve invested in overseas shares through Hatch, Sharesies, Interactive Brokers or overseas ETFs, last month's Budget 2026 announcement gave you something to smile about.

After 25 years of standing still, the NZ government has proposed doubling the Foreign Investment Fund (FIF) threshold from $50,000 to $100,000.

For many investors, that’s potentially the biggest tax simplification announcement in years.

- Social media lit up almost immediately.
- Investors started talking about paying less tax.
- Others assumed the FIF rules no longer applied to them. Some even wondered whether they still needed to worry about FIF at all.

But before you celebrate, there’s something important you need to know.

1. If you’re currently preparing a tax return for the year ended 31 March 2026, the old $50,000 threshold still applies.

2. And despite the headlines, the proposed $100,000 threshold isn’t actually law yet.

In other words, the announcement is good news.

Just not necessarily for the tax return you’re filing right now.

Let’s look at what Budget 2026 actually announced, who stands to benefit, and the mistake investors should avoid making over the coming months.

In my full article, I go in-depth on:

1. What is FIF?
2. Why investors are excited
3. The catch most investors are missing
4. Who benefits the most?

Plus my personal thoughts....and more!

Link in comments.

13/06/2026

10 Reasons Why You Might Get a Tax Refund from IRD This Year

One day there is suddenly extra money sitting in your bank account, sometimes hundreds or even thousands of dollars you were not expecting.

It’s because the IRD has given you a tax refund.

For many people, it feels like free money.

But I hate to be the one to burst your bubble, a tax refund is not really “free money”.

Let’s break down one of the biggest tax myths.

In most cases, a tax refund simply means you paid too much tax during the year.

In other words?

It’s usually your own money coming back to you.

Sometimes this happens because you were entitled to tax credits or deductions.

Other times, it happens because your employer paid too much tax from your income in the first place.

But those are not the only reasons why you might receive tax refunds from IRD.

Over the years, I’ve seen the same refund patterns repeat again and again.

Here are the top 10 reasons below.

1. You Used the Wrong Tax Code

2. You Only Worked Part of the Year

3. Your Employer Deducted Too Much PAYE

4. You Made Donations to Charity

5. You Contributed to KiwiSaver

6. You Overpaid Provisional Tax

7. Your Income Dropped During the Year

8. You Claimed Deductible Expenses

9. IRD Reconciled Your Income Automatically

10. You Received Working for Families as a Lump Sum

I go in-depth on the reasons in my full article, including why refunds happen and what you should check before spending the money.

Link in comments.

11/06/2026

Last month, we saved a client thousands of dollars without claiming a single extra expense.

IRD wanted our client to pay a four-figure penalty. They ended up paying $0.

Most taxpayers would have simply paid it.

Instead, we reviewed the circumstances, prepared a case, and negotiated with IRD on the client's behalf.

The result?

✅ Penalty remitted.

Now before everyone starts asking IRD to waive penalties, it's important to understand that not every case qualifies.

For example:

• The underlying tax generally needs to be paid first.

• Your compliance history matters.

• The reasons for the late payment matter.

• The way the request is presented matters.

Many taxpayers don't realise that IRD has discretion in certain situations.

The problem is that most people either don't know the rules

Or don't know how to make a compelling case.

That's where having an experienced adviser can make a real difference.

It pays to know the rules, understand the process, and having someone in your corner who can advocate on your behalf.

11/06/2026

7 Reasons Why People Get Surprise IRD Tax Bills in NZ, and How You Can Avoid Them

By Baqir Hussain, FCCA

Nobody likes getting a surprise tax bill from IRD.

One day everything feels fine. Then suddenly there is an email, a letter, or a notification in myIR saying you owe thousands in tax you were not expecting.

And the frustrating part?

In many cases, the tax bill was completely predictable.

The worst part is many people only discover the problem when it is already too late to properly plan for it. By then, the money has often already been spent, cashflow becomes tight, and the stress starts building.

Over the years, I’ve seen the same patterns repeat again and again. Salary earners, contractors, business owners, investors, and rental property owners often assume their tax is “sorted”, until they discover it is not.

Most people I’ve worked with do not intentionally get their tax wrong.

Usually they simply misunderstand how the system works.

Unfortunately, IRD does not care whether the bill shocked you or not.

The tax is still due.

The good news is most surprise tax bills are avoidable with better planning, better systems, and earlier advice. If you are unsure whether you are heading toward a surprise IRD tax bill, getting clarity early can save a lot of stress later.

Below are the 7 most common reasons for getting a tax bill. If you'd like to learn on how you can avoid them, real the full article from the link in the comments.

1. Having Multiple Sources of Income

2. Using the Wrong Tax Code

3. Working for Families Overpayments

4. The ‘Mum-and-Dad’ Property Investor Surprise

5. Not Putting Tax Aside During the Year

6. GST Confusion

7. The Provisional Tax Shock

In my full article, I go in-depth and cover:

- These 7 reasons in detail
- How you can avoid making the same mistakes
- How to respond if you already have a surprise tax bill

Link in comments.

30/05/2026

Recently, a client paid me an extraordinary $8,500 to fix a simple GST mistake that could have been easily avoided.

Here’s how you can avoid making the same mistake when registering for GST with the IRD.

When you register for GST, the IRD asks you 3 key questions.

If you get these wrong, you can get your setup wrong and this can create major cashflow and tax problems later.

Here's a simple guide to help you get this right.

21/05/2026

Looking to get Employer Accreditation with Immigration New Zealand (INZ)?

Most business owners incorrectly think employer accreditation is an immigration process.

Instead, its a financial and commercial assessment of your business.

INZ is not just asking: “Do you want to hire people?”

They're asking: “Is your business financially viable and sustainable?”

There are 4 ways to prove this.

In my article, I give you the accountant’s perspective on how to decide what works best for your business