Tax tech companies transform income tax payments

Tax technology companies Taxlab and Tax Traders have announced an exclusive technology partnership that will revolutionise the way companies pay their income tax.

Taxlab co-founder and CEO, Allen Knight (pictured below), says the partnership will enhance the company’s mission to take the pain, risk and cost out of tax administration. “Tax Traders has disrupted the traditionally complex and cumbersome world of tax payments via the tax pooling framework, and we’re delighted to be able to partner with them in this way.”  

Co-founder of Tax Traders, Nicola Taylor (pictured above), emphasised that collaboration and partnerships in the tech space are critical to providing more taxpayers with better outcomes. “We have always looked for the right partners to work with to deliver our ambitious programme of work.

“Rather than re-inventing the wheel, we prefer to work with like-minded organisations that share our motivation to make things easier and more effective for taxpayers through the clever use of automation and software –  organisations that are aligned with our goal of making the benefits of the legislation available to more taxpayers. Taxlab ticks all the boxes for Tax Traders.” says Taylor.

To launch the partnership, Taxlab and Tax Traders have unveiled a new offering, Tax Traders Corporate. The tool gives New Zealand businesses a single, combined offering for both income tax compliance and payment flexibility, so they can pay their income tax in the way that suits them best and automatically access consolidated tax information to make smarter and more efficient decisions.

Taylor adds “Our group tax position report captures all tax liabilities based on forecasted provisional tax liabilities and all cash balances held at both IRD, and with us. Having all of that information consolidated into one report for comparison in tax provision reconciliation, will make a big difference to companies and save considerable time, all while reducing the risk of manual errors.”

In further recognition of the partnership, the two companies have also launched the annual Cultivate technology scholarship – looking to identify and grow untapped potential in the field of technology, creating opportunities for students who may otherwise face significant barriers to pursuing a future in the industry.

To allow recipients to truly flourish and harness their emerging skillset, support will include work experience, physical study spaces, and broader whānau support – in addition to $30,000 in funding over three years, to cover the cost of study.

Mentorship will be offered by industry professionals who understand the complex issues that may be faced by the student and can provide in-person guidance as they venture into the industry.

New Zealand companies are invited to get in touch to see how the new suite of tools and reports can enhance their income tax workflow and reporting every day. 

For more information, and to sign up for a demonstration, please visit www.corporate.taxtraders.co.nz.