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How to Pay Tax

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Here are some reminders of the payment options available for paying tax:
Paying by cash or EFTPOS at Westpac When you make payments at a Westpac branch or Smart ATM, you now need to have a barcode to ensure the payment goes to the right place. Barcodes are usually printed on Inland Revenue returns, statements or letters. Barcodes can also be generated on the IRD webside, which can be printed or shown on a mobile device. To generate a barcode go to:  ird.govt.nz/barcode https://www.ird.govt.nz/managing-my-tax/make-a-payment/ways-of-paying/paying-at-westpac
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IRD UOMI rates changed with effect from 8 May 2020

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IRD UOMI rates changed with effect from 8 May 2020 as follows:

*  For underpayments of tax - decreased from 8.35% pa to 7.00% pa *  For overpayments of tax - decreased from 0.81% pa to 0.00% A Use of Money Credit Interest Rate of 0.00% means that there will no longer be any credit interest paid where any credit is held with Inland Revenue. This includes KiwiSaver contributions paid to Inland Revenue before being passed on to Scheme Providers The rates are reviewed regularly to ensure they are more

Interest Free Loan Scheme – a counter view

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Thinking of taking up the Government’s interest free loan scheme?  This is a counter view from Tony Alexander, Economist, Bank of New Zealand:

“Last Friday, the Finance Minister announced a new lending scheme to partially bypass the one they had already set up with the banks.

By applying through IRD, businesses with up to 50 employees can get a loan of $10,000 plus $1,800 for each employee for a term out to a maximum of five years. Repayments will not be required before year 3 and the first year will be interest

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