Leading tax technology companies Taxlab and Tax Traders today announced an exclusive technology partnership that will revolutionize the way New Zealand businesses pay their income tax.
Taxlab co-founder and CEO Allen Knight said the partnership would strengthen the company’s mission of reducing the pain, risk and cost of tax administration.
“Tax Traders has revolutionized the traditionally complex and cumbersome world of tax payments through the tax pooling framework, and we are delighted to be able to partner with them in this way,” says Knight.
Tax Traders co-founder Nicola Taylor stressed that collaboration and partnerships in the tech space are key to providing more taxpayers with better results.
“We have always looked for the right partners to work with to achieve our ambitious work program. Rather than reinventing the wheel, we prefer to work with like-minded organizations who share our motivation to make things easier and more efficient for taxpayers through the intelligent use of automation and software. Organizations that align with our goal of making the benefits of the legislation accessible to more taxpayers. Taxlab ticks all the boxes for Tax Traders, ”says Taylor.
To launch the partnership, Taxlab and Tax Traders unveiled a new offer, Taxation of traders. The tool gives New Zealand businesses a unique combined offering for tax compliance and payment flexibility, so they can pay their income tax in the way that works best for them and automatically access consolidated tax information for make smarter and more efficient decisions.
Taylor adds, “Our report on the group’s tax position captures all tax liabilities based on expected forecast tax liabilities and all cash balances held both at IRD and with us. Bringing all of this information into one report for comparison purposes in reconciling tax provisions will make a big difference to businesses and save them considerable time, while reducing the risk of manual errors.
As further recognition of the partnership, the two companies also launched the annual event Cultivate technology scholarship – seeks to identify and develop untapped potential in the field of technology, creating opportunities for students who might otherwise face significant obstacles in pursuing a future in the industry.
To enable grantees to truly flourish and harness their emerging skills, support will include work experience, physical study spaces and broader support from whānau – in addition to funding of $ 30,000 over three years, to cover the cost of studies.
Mentorship will be offered by industry professionals who understand the complex issues the student may face and can provide in-person guidance as they venture into the industry.
New Zealand businesses are welcome to contact us to see how the new suite of tools and reports can improve their day-to-day income tax workflow and reporting.
For more information and to register for a demo, please visit www.corporate.taxtraders.co.nz.
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