Tax-iQ or myIR showing unexpected payments due?

Beany was the first tax agency in New Zealand to receive live feeds from Inland Revenue. We’re proud of that and think Tax-iQ is great! It shows you the amounts to pay on due dates without you having to log into myIR.

Sometimes though, Tax-iQ may not agree with the figures in myIR, or be different to what you were expecting. 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. See if any of the following apply to you.

We’re in the process of preparing your financial statements and tax return
You’re absolutely positive that you’ve made the payment
Your previous tax return hasn’t been filed
Payment plans 

We’re in the process of preparing your financial statements and tax return
  • From discussions with you, your income (and therefore tax) is higher or lower than expected. If we officially inform Inland Revenue about this and it’s incorrect, the IRD may charge interest and penalties. For this reason, we update Tax-iQ rather than inform Inland Revenue – this is perfectly normal.
  • We have prepared your draft tax return and know (with 99% certainty) your terminal tax bill and what needs to be paid for provisional tax.
  • The final tax return is on your Beany page waiting to be approved. We update Tax-iQ to show the same as your tax return. Inland Revenue will update its system once you have approved, and we have filed, the tax return.

You may receive overdue notices from Inland Revenue, because they don’t know what we know (yet). They’ll update myIR once your return is filed. Please pay the figure on Tax-iQ.

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You’re absolutely positive that you’ve made the payment
  • Payment has been made to the wrong tax account or to the wrong tax year.
  • You’ve paid the amount on the due date, but Inland Revenue hasn’t yet processed the payment. This could take up to five working days, so please check your myIR account in a few days.
  • You haven’t indicated the tax type and year for the payment. Inland Revenue doesn’t know where to allocate the payment and will often show it as a “Pending Payment”.
  • Where you owe for interest and penalties. If your tax return and payments are overdue, Inland Revenue may charge interest and penalties. You may have paid the actual tax bill, but not any subsequent charges by Inland Revenue.
  • You’ve included the wrong IRD number and it’s been allocated to another taxpayer – this can happen with partners, spouses, company vs shareholder.

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.

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Your previous tax return hasn’t been filed

Example – Inland Revenue will not show any provisional tax amounts due for the 2022 tax year until the 2021 return has been filed. To make sure you’re not subject to penalties, your Tax-iQ will be based on your tax bill from 2020, plus 10%. That percentage is dictated by Inland Revenue, not us.

We’ve over-ridden Tax-iQ to make sure you’re not caught out in the future, and to reduce any penalties and interest charged by Inland Revenue. Please make the payment shown on your Beany page.

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Payment plans
  • Where you’re on a payment plan with Inland Revenue, your Beany page will show the payment amount and due dates. It will not have the same balance as myIR.
  • If you’re on a payment plan and have paid a different amount and/or paid on a different date, you may receive a message that you’ve missed a payment. Tax-iQ matches the details of your instalment arrangement with the date and amount paid to Inland Revenue.

Please make payments according to the instalment plan and dates on your Beany page. If there’s a mismatch, let us know and we can tweak the information that appears on your Beany page.

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