NZ Bookkeepers & Accountants

18/06/2026

HOME LOANS & MORTGAGE SOLUTIONS FOR BUSINESS OWNERS, SELF-EMPLOYED & FIRST HOME BUYERS

Need Help Securing a Mortgage?

Are you a business owner, self-employed professional, contractor, Uber driver, or employee with side income struggling to get home loan approval?

Looking to buy your first home?
Want to invest in residential or commercial property?
Need finance to purchase or expand a business?
Unsure how to prepare your financials for mortgage approval?

NZ Bookkeepers & Accountants can help.

Our experienced team works closely with a network of registered mortgage advisers, lenders, and financial institutions to help you prepare the right financial information and improve your chances of loan approval.

Our Services

✔ Financial Statements Preparation
✔ Cashflow Forecasts & Business Plans
✔ Tax Planning & Compliance
✔ Mortgage Application Support
✔ First Home Buyer Guidance
✔ Investment Property Assistance
✔ Business Purchase Finance Support

Why Choose Us?

At NZ Bookkeepers & Accountants, our goal is to become your lifelong accountant—helping you save tax, grow your business, and build long-term wealth through property, businesses, and other investments.

Whether you already have an accountant or are looking for a new one, we are here to support your financial journey.

Contact Us Today

📞 022 460 4063

Fees

Our fees start from $1,000 + GST for the preparation of financial statements and supporting documentation required for lending applications.

Important Information
Terms, conditions, and lending criteria apply.
Mortgage and lending advice is provided through our registered and authorised financial adviser network.
Loan approval is subject to lender assessment and individual circumstances.
Timeframes may vary depending on lender requirements and application complexity.

16/06/2026

16/06/2026

IRD Penalties and Interest in New Zealand:

Many New Zealand taxpayers are unaware that failing to file tax returns or pay tax on time can result in significant penalties and interest charges from Inland Revenue (IRD). Understanding how these charges work can help individuals and businesses avoid unnecessary costs.

Late Payment Penalties
When tax is not paid by the due date, IRD may charge late payment penalties. Generally, penalties are applied as follows:
• 1% of the unpaid tax the day after the due date.
• An additional 4% if the tax remains unpaid after 7 days.
• Further monthly penalties may apply to certain tax types.
Use of Money Interest (UOMI)
In addition to penalties, IRD charges Use of Money Interest (UOMI) on underpaid tax. Interest is calculated daily from the original due date until the tax is fully paid.
Unlike penalties, UOMI is intended to compensate IRD for the time value of money rather than punish taxpayers.

Late Filing Penalties
Taxpayers who fail to file returns on time may also face late filing penalties. Examples include:
• Income tax returns: $50 to $500 depending on net income.
• GST returns: $50 for payments basis taxpayers and $250 for invoice or hybrid basis taxpayers.
• Employment information: $250 monthly penalty.

Can Penalties Be Remitted?
IRD may cancel or reduce penalties in certain circumstances, such as:
• Serious illness or unforeseen events.
• Genuine errors.
• Good compliance history.
• Prompt communication with IRD and arrangements to pay outstanding debt.

Practical Advice
If you cannot pay your tax on time:
1. Contact IRD immediately.
2. Consider setting up an instalment arrangement.
3. File all returns by their due dates, even if you cannot pay.
4. Seek advice from a qualified accountant or tax adviser.
Early action can often reduce penalties and prevent tax debt from growing through ongoing interest charges.

Conclusion
IRD penalties and interest can quickly increase the cost of unpaid tax. Businesses and individuals should monitor their tax obligations carefully, file returns on time, and communicate with IRD as soon as financial difficulties arise. Proactive management is the best way to minimise penalties and maintain good tax compliance.

Prepared by NZ Bookkeepers & Accountants
Mobile: 021 0313118
Email: [email protected]
Website: www.nzbookkeepers-accountants.com, Address: Suite 04, 254 Lincoln Road, Henderson, Auckland.
Our Services
• Accounting & Bookkeeping
• Tax Compliance & Advisory
• GST Returns
• Payroll Services
• Business Advisory
• Company Incorporation
• Financial Statements
• IRD Audit Assistance

07/04/2026

1. Default contribution rate increased
• Minimum contribution rate increased from 3% → 3.5%
• Applies to both employee and employer
• Applies to all paydays from 1 April 2026
👉 Example:
If you earn $70,000:
• Old: $2,100/year (3%)
• New: $2,450/year (3.5%)
2. Automatic change (no action needed)
• If you were on 3%, it automatically increases to 3.5%
• Payroll systems will update this automatically
3. Option to stay at 3% (temporary)
• You can apply to Inland Revenue for a temporary rate reduction to 3%
• Valid for 3 to 12 months
• Can be renewed multiple times
👉 Important:
• Employer may match your reduced 3% (not necessarily 3.5%)
4. 16–17-year-olds now eligible for employer contributions
• From April 2026, employers must contribute for eligible 16 & 17-year-olds
5. Future change already planned
• Default rate will increase again:
• 3.5% → 4% from 1 April 2028

Temporary Rate Reduction
Employees can apply for a temporary rate reduction if they want to lower their KiwiSaver contribution rate to 3% for 3 months to a year. If employees have more than 1 employer, employees can choose which of them to give notice of the rate reduction to.
Employees cannot apply for a temporary rate reduction if they have a savings suspension.
Employees need show an acceptance letter to employer that shows the start and end dates of temporary rate reduction. Employees need to show it to their employer to get them to reduce teir rate.

N.B: Employer can’t apply for reduction rate for employee. Employee can apply for reduction rate & need to show acceptance letter to employer.

03/04/2026

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