We're often asked why Tax-iQ on your Beany page doesn't match details in myIR. Here are some reasons:
We're pretty sure what the IRD will expect
- Your previous tax return hasn't been filed, so we base our calculations on an earlier year +10%
- From discussions with you, your income tax is likely to be higher or lower than Inland Revenue's automatic calculation
- We have prepared your draft tax return and know (with 99% certainty) what you'll need to pay
- The final tax return is on your Beany page waiting for your approval
You may receive overdue notices from Inland Revenue, because they don't know what we know (yet). In any case, please pay the figure on Tax-iQ.
- Your Beany page shows the payment amount and due dates covered by that plan, not the total amount outstanding
- You've gone rogue by paying a different (or additional) amount and/or paid on a different date
Please make payments according to the instalment plan and dates on your Beany page. We can update your Beany page if needed.
You've made the payment, but:
- It's been made to the wrong tax account (perhaps GST) or to the wrong tax year
- Inland Revenue hasn't yet processed it - this could take up to five working days, so please check myIR in a few days
- Payment has been made to the wrong IRD number
- You may not have paid interest and penalties charged by Inland Revenue
If the correct payment has been made on the correct date, don't stress. Let us know and we'll transfer the payment somewhere else - it will be recorded on the same date you paid, not on the date we transfer.