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Tax Installment Agreement

Tax Installment Agreement Template for New Zealand

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Key Requirements PROMPT example:

Tax Installment Agreement

"I need a Tax Installment Agreement for my small retail business to pay outstanding GST and income tax of $45,000 over 18 months, with monthly payments starting March 2025, and including a provision for additional security through business assets."

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Document background
The Tax Installment Agreement serves as a crucial financial management tool in New Zealand's tax system, providing a structured approach for taxpayers who cannot immediately pay their full tax obligations. This document becomes necessary when individuals or businesses need to negotiate a payment plan with the Inland Revenue Department (IRD) for outstanding tax liabilities. The agreement details the mutually agreed terms for debt repayment, including specific payment amounts, schedules, and conditions. It's particularly relevant in situations of temporary financial constraint where the taxpayer demonstrates both the intention and capability to meet tax obligations through a structured payment plan. The Tax Installment Agreement must comply with New Zealand's tax legislation, particularly the Tax Administration Act 1994, and includes provisions for interest, penalties, and default consequences.
Suggested Sections

1. Parties: Identification of the taxpayer and the Inland Revenue Department

2. Background: Context of the tax debt and reason for entering into the installment arrangement

3. Definitions: Key terms used in the agreement including 'Tax Debt', 'Payment Date', 'Default Event'

4. Tax Debt Acknowledgment: Statement of the total tax debt amount and its composition

5. Payment Terms: Details of installment amounts, payment frequency, and payment methods

6. Interest and Penalties: Treatment of ongoing interest and penalties during the payment arrangement

7. Default and Consequences: Definition of default events and their consequences

8. IRD's Rights and Remedies: Powers and rights of the IRD in case of default

9. Taxpayer's Obligations: Ongoing compliance requirements and communication obligations

10. Amendment and Termination: Process for modifying or ending the agreement

11. General Provisions: Standard clauses including notices, governing law, and dispute resolution

Optional Sections

1. Security Arrangements: Required when security is provided for the tax debt

2. Guarantor Provisions: Needed when a third party is guaranteeing the tax debt payments

3. Special Payment Conditions: Used when there are unique circumstances affecting payment terms

4. Hardship Provisions: Included when the taxpayer has demonstrated financial hardship

5. Tax Return Obligations: Required when ongoing tax return filing obligations need specific mention

6. Business Continuation Terms: Needed for business taxpayers with ongoing operations

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and due dates

2. Tax Debt Breakdown: Itemized list of tax debts by type and tax period

3. Direct Debit Authorization: Banking details and payment authorization forms

4. Financial Statement: Current financial position of the taxpayer

5. Security Details: Description of any security provided and its terms

6. Contact Information: List of key contacts and their details for both parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Retail

Manufacturing

Professional Services

Healthcare

Construction

Agriculture

Technology

Education

Hospitality

Financial Services

Real Estate

Transportation

Mining

Energy

Non-Profit Organizations

Entertainment

Relevant Teams

Finance

Accounting

Tax

Treasury

Legal

Compliance

Corporate Affairs

Operations

Executive Leadership

Administration

Relevant Roles

Chief Financial Officer

Finance Manager

Tax Manager

Accountant

Financial Controller

Tax Accountant

Company Secretary

Business Owner

Managing Director

Finance Director

Tax Consultant

Accounts Payable Manager

Treasury Manager

Corporate Controller

Small Business Owner

Self-Employed Professional

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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