At Beany, we know that lots of people can find tax overwhelming, or a cause of anxiety and uncertainty.
Tax-iQ is our innovative product that shows exactly what tax you need to pay, and when it is due. We are the only accountant firm in New Zealand with a direct data link to Inland Revenue.
Tax-iQ works by talking to Inland Revenue and checking to see if you have any payments to make. It reports each day and displays information directly on your personal Beany page – what you need to pay and the due date.
Because Tax-iQ talks directly to Inland Revenue, the amounts you see are in real time and are complete. Tax-iQ also sees when you have a payment nearly due and can remind you.
Tax types covered by Tax-iQ
Tax-iQ shows all the tax types that you need to make payments for, excluding payroll taxes. With income tax, Tax-iQ shows everything that Inland Revenue currently has recorded that you need to pay.
If you haven’t filed a tax return and you’re not a provisional taxpayer, then Inland Revenue doesn’t know how much you owe. Tax-iQ cannot therefore display upcoming payments. Once your accountant has worked on your tax return, they’ll have a pretty good idea of what you’ll need to pay, and Tax-iQ will display this before the return has been filed.
If you’re a provisional taxpayer, Tax-iQ will show you the date and amount of provisional tax due in each of your instalments during the year, and any final amount of terminal tax to pay. Provisional tax depends on the most recent tax return filed. The earlier you get your information to your accountant, the more time you’ll have to talk about tax strategy and plan for upcoming payments.
Other tax types
Tax-iQ covers more than just income tax.
- Student loan repayments are calculated in the same way as provisional tax.
- Once you file your returns for GST, FBT, and RWT, Tax-iQ will show you the amount and due date.
- ACC is not administered by Inland Revenue, so Tax-iQ cannot show payments. However, we do have access to ACC data so we may be able to obtain information for you.
If you’re an employer, Tax-iQ cannot display payroll taxes at this time. This is simply because Inland Revenue doesn’t provide that data through any feeds, so we’re unable to show it to you.
We are always here to answer any questions or look at tax options for you – just get in touch with Beany Support.
When myIR and Tax-iQ are different
There are two instances where what you’ll see in Tax-iQ and on myIR may differ.
The first is if you have agreed an instalment plan with Inland Revenue, and that is discussed below.
The second is if you’re a provisional taxpayer, and you haven’t filed your return for last year (or other prior years). Inland Revenue will still expect you to pay provisional tax under the method you have chosen, but they may not display the amounts you owe in myIR until those previous returns have been filed.
Tax-iQ does what your accountant does, and calculates the amount of provisional tax that you need to pay at each date. This is why you may see an amount owing in Tax-iQ but not myIR. The same goes for Student Loan repayments, as these are calculated in line with your provisional tax.
Tax-iQ has a clever feature that aims to keep you safe from late payment penalties and interest at Inland Revenue by reminding you when a payment is coming up or a return is due to be filed.
We know that not everyone needs reminding, so if you’d like to change your notification preferences, click the “You” link at the top of your Beany page and navigate to the Notifications tab. Here you can adjust whether you receive notifications and reminders to pay.
Are payment plans and instalment arrangements with the IRD included?
The IRD sends us confirmation of the payment plan and we update the information in Tax-iQ for you. We email you a copy of the confirmation, and the letter is also uploaded into your Beany page.
If you’ve made an arrangement to pay off your taxes with Inland Revenue and your Beany page is not displaying this correctly, please get in touch with our friendly Support team with copies of any emails or letters you have from the IRD confirming the plan. We can get these loaded to your page so that your tax looks the way it should.
What if my tax figures don’t look right?
If you see something unusual or unexpected pop up in your Tax-iQ, please get in touch with Support via email or phone.
We’ll get back to you as soon as possible – we know how stressful tax can be and don’t like the idea of you worrying about the figures or due dates longer than necessary.
Security: Is Tax-iQ information safe and secret?
We use Google Cloud to store all your data, and it is backed up regularly. We also use strong encryption and firewalls to keep your data secure in transit and when stored.
Our team of clever developers are always working to make sure our system is the gold standard of security and best practice.
Sorry you didn't enjoy this post.
Give us some feedback.