How does buying tax work?
If you have terminal tax to pay, an audit to settle, missed or underpaid provisional tax, or are considering voluntary disclosure, tax pooling may be able to help you.
Tax pooling allows you to buy someone else’s tax to settle your account with Inland Revenue (IR), as well as save on interest and late payment penalty charges. Buying tax this way works because the person selling the tax receives more interest than IR’s standard interest rates. It’s a classic example of taxpayers helping each other for mutual advantage. As an approved tax pooling intermediary we work with IR so that you can buy this tax. The earliest tax we currently have available is 2009, but savings can still be achieved for earlier tax so contact us for a quote if you require earlier credits.
- Save approximately 30% over use-of-money interest.
- Immediate confirmation of purchase requests.
- No obligation quotes.
- Book the purchase for payment up to 75 days after your taxpayer’s terminal tax date.
- Four flexible payment methods to choose from: single payment, interest upfront, instalment plan or pay-as-you-go.
- IR approved.
- Public Trust holds and approves all payments and transactions.
- Independently audited.
- Money back guarantee if IR declines your request.
What you need to do
- Create an account to generate a quote using our Residual Income Tax (RIT) tool and follow the prompts. Once submitted, you'll receive a confirmation email outlining the details of your purchase. We'll handle everything from there to ensure that tax is transferred to you/your client's IR account on the date required. Easy!