General

• We do not charge an annual membership fee, a monthly account or an establishment or registration fee
• We accept all deposits - there is no minimum threshold - allowing everyone to take advantage of the benefits of tax pooling
• You can easily check your balance in the tax pooling account online
• We provide tax financing at competitive rates
• No credit checks or security required for tax financing
• TPS' trustee, Public Trust, is owned by the Government so you can be sure that your tax payments are being held by a secure and trustworthy entity

We have appointed Public Trust as trustee to oversee all client funds and tax deposits.  Public Trust is a leading trustee, financial adviser and asset manager.  It is owned by the Government. We took this into account when selecting a trustee.  Protection of our clients funds is extremely important to us and we were not comfortable appointing privately owned trustee companies where credit issues may impact performace.

Public Trust has established specially designated trust accounts to receive all amounts received from, or to be paid to, TPS clients.  Clients never make any payments directly to TPS and TPS never handles client funds.  Public Trust is also responsible for operating the TPS tax pooling account at the Inland Revenue.  It is the only person who is authorised to make deposits into, and transfers from, the trust accounts and the TPS tax pooling account.  TPS has no rights to withdraw funds from these accounts.

Public Trust's role includes:

• Establishing and operating trust accounts to receive all amounts received from and paid to TPS clients;
• Holding and operating the TPS tax pooling account at Inland Revenue;
• Holding all payments and tax deposits on trust for TPS clients;
• Authorising all payments and transfers of client funds to and from the trust accounts;
• Authorising all transfers from the TPS tax pooling account to taxpayer accounts at Inland Revenue; and
• Ensuring that all client information and balances are correctly recorded in TPS' system.

We have prepared a document called "FAQs on Structure and Security" which answers more detailed questions on this subject. Feel free to drop us a line and we will send this to you.

Under the Income Tax Act, all deposits we receive from you into the TPS tax pooling account must be held by Public Trust on your behalf until they are transferred to a taxpayer account at IRD, refunded to you or transferred to another pooling account. Transfers and refunds of your tax deposits will only be made on your instruction.

Our secure online application will provide you with a statement of the tax balances that you hold in the TPS tax pooling account at any point in time.  If you have any concerns about the balances showing in your online statement, please contact us.  If you would like independent confirmation of the amounts and effective dates of the tax deposits that are being held on your behalf, we can provide you with the contact details of the relevant person at Public Trust who can provide you with this confirmation.

Yes.  TPS is an IRD approved tax pooling intermediary.  Click here to see TPS listed as an approved intermediary on the IRD's website.

It's simple.  We require no financial information, security or guarantees.  All you need to do is register as a TPS client and provide details such as your IRD number, contact details and balance date.  Our website will send you a login and temporary password. Once you have logged in you will have all that you need to deposit, buy, sell or finance tax.

No.  You will not pay a cent unless you use our services to buy or finance tax.  We will tell you exactly how much you need to pay, or should expect to receive in the case of a sale, before you commit to a buy, sell or finance transaction so there are no nasty surprises.

If you deposit into the TPS tax pooling account and have no need to buy, sell or finance tax then we transfer your balances to your account at the IRD without you having incurred any costs.

Making a deposit into the TPS tax pooling account does not, in itself, satisfy your obligation to pay the tax you owe to the IRD.  It is not until you transfer the tax deposit from the tax pooling account to your individual taxpayer account at the IRD that your payment obligations are satisfied and the IRD considers the tax to be paid.

Unfortunately, this means that, even though you have paid your tax into the TPS tax pooling account held at the IRD, the IRD may still send you reminder letters before each payment date and your IRD statements will show the show payments as "overdue" (because the payment is not yet in your taxpayer account).  Do not be concerned.  The IRD will not charge any late payment penalties or UOMI or send any letters requesting payment until an income tax assessment has been raised. The IRD has advised that they cannot suppress these standard letters and that they can be disregarded.

Please click here to see the IRD's website about tax pooling for more information.