Mar-Apr 2020: Tax Relief - COVID-19 (Novel Coronavirus)
From the IRD, in Brief:
TAX RELIEF - COVID-19 (NOVEL CORONAVIRUS)
Tax relief and income assistance is available to people affected by the downturn in business due to the COVID-19 (novel coronavirus). We have a range of ways to help depending on your circumstances. If you have a tax agent, they should also be able to help.
Provisional tax estimates
You may be able to make an estimate or re-estimate of provisional tax, if your circumstances have changed due to the COVID-19. We can arrange early refunds if provisional tax has been overpaid.
Unable to pay your tax
If you're having difficulty paying outstanding tax, we can help you set up an instalment arrangement. You can apply in myIR.
You can also apply for a write-off due to serious hardship when you know you won't be able to pay the full amount.
The IRD has a number of initiatives in place to help businesses and organisations deal with the effects of COVID-19.
Inland Revenue administers the Small Business Cashflow scheme which runs until 12 June and the IRD is urging those looking to apply for loans to do so quickly.
You can choose to pay your taxes over the counter (OTC) at a Westpac branch or a smartATM even if you don’t bank with Westpac.
You can choose to pay your taxes over the counter (OTC) at a Westpac branch or a smartATM even if you don’t bank with Westpac.
Recent improvements to myIR mean you can upload your donation receipts at any time, rather than keeping them until the end of the tax year. They can be electronic receipts, or photos or scans of paper receipts.
A new easy-to-use online eligibility tool and guidance material are available to help businesses tap into the new R&D tax incentive.