Why you should check out Taxi
Affinity Accounting is now a Taxi Partner!
We are delighted to announce that we have partnered with Taxi, a leading provider of innovative financial solutions designed to streamline provisional tax payments. As part of this partnership, you are now eligible for an exclusive 10% discount on your quarterly facility fees when you use Taxi through Affinity Accounting.
What is Taxi?
Taxi is the new way to fund your business. Taxi levels the playing field, allowing all Kiwi businesses to use their provisional tax payments to access affordable working capital. Taxi uses the platform created by IRD-approved tax pooling intermediary Tax Traders, so you can access business funding while also meeting your provisional tax obligations.
How much business funding can I access with Taxi?
You can access as much or as little as you need, up to an amount equal to 90% of the provisional tax payments you have paid through Taxi in the previous 12 months.
Is Taxi for me?
If you are a business paying provisional tax, then it’s likely you can use Taxi funding. We don’t require personal guarantees, loan applications, or financial disclosures. Your provisional tax payments provide the security for your funding limit and that is what Taxi needs to know (standard AML check applies). We know times are tough for many businesses at the moment, so we want to do what we can to help you.
What does Taxi cost?
Your rate with Taxi is 7.09% p.a plus a facility fee of 0.15% per month (minimum $90 per quarter) on the Taxi facility limit. You can set your facility limit equivalent to up to 90% of the funds deposited in the previous 12-month period. The interest rate is fixed and paid upfront. If you repay your funding early, we provide a rebate against your prepaid interest. The facility fee is calculated monthly, billed quarterly and is comparable to a big bank line fee on an overdraft. Plus, using Affinity as a Taxi Partner, you will receive 10% off your quarterly facility fee.
What can I use Taxi funding for?
You can use Taxi for any business purpose. By using Taxi, you could:
halve your business overdraft costs straight away;
expand the reach of your product or service;
invest in new plant and machinery;
enhance your cash flow where you have a mismatch in the timing of payments;
trade through seasonable lows; or
gain peace of mind with an easy-to-access standby facility.
What happens to my tax payments when I use Taxi?
When you pay your tax on time through Taxi, your provisional tax payments are held on your behalf by Government-owned Public Trust, in a tax pooling account at Inland Revenue. Once you’ve made your taxi repayments by the end of the agreed
Want to learn more and understand if Taxi is right for you? Contact Affinity Accounting now. If you would like to speak to one of the Taxi Experts, we’re happy to jump on a call with you to go through it together.
Affinity Accounting is a Wellington accounting, tax and advisory firm serving clients across New Zealand.