COVID-19

COVID-19: IRD extends tax pooling deadline

COVID-19: IRD extends tax pooling deadline 1200 630 Lee Stace

Updated 19 June 2020 Anyone impacted by COVID-19 will have 365 days after their terminal tax date to settle 2019 income tax arrangements with TMNZ, subject to meeting certain criteria. IRD has used its new discretionary powers in s6I Tax Administration Act 1994 to extend the legislative deadline after recognising the cashflow difficulties some taxpayers…

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Tax loss carry-back scheme: Important considerations

Tax loss carry-back scheme: Important considerations 1200 630 Lee Stace

Standard imputation (ICA), ownership continuity and grouping rules still apply under the new tax loss carry-back scheme, while anyone who overestimates their loss will face IRD interest (UOMI) from the date of their first provisional tax instalment for the previous year. Moreover, company profits already paid out via shareholder-employee salaries or dividends are unable to…

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Small Business Cashflow Loan Scheme: Do your homework first

Small Business Cashflow Loan Scheme: Do your homework first 1200 630 Lee Stace

A former economist at one of New Zealand’s largest banks has a warning for someone considering the Small Business Cashflow Loan Scheme: It could limit your future borrowing capacity. That’s because banks may decline lending to anyone who has this type of debt on their books, as IRD may have first collection rights as a…

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TMNZ virtual roadshow: Tony Alexander talks post-COVID-19 economic recovery

TMNZ virtual roadshow: Tony Alexander talks post-COVID-19 economic recovery 1200 620 Lee Stace

The increase in New Zealand’s net debt to GDP ratio over the next four years is not the bogeyman some are making it out to be, nor will the Government necessarily have to increase taxes to pay off what they are borrowing. That’s according to one of New Zealand’s leading and respected economists, Tony Alexander,…

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Webinars to get businesses geared up for the post-COVID-19 environment

Webinars to get businesses geared up for the post-COVID-19 environment 1344 639 Denise Pimentel

From May until October this year, TMNZ will offer a new webinar that focuses on a different topic that is sure to provide value in a post-COVID-19 environment. Whether you are a business owner or tax agent or curious to know what the future will look like, be sure to come along and invite your…

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UOMI remission guidance: IRD overlooks provisional tax scenario

UOMI remission guidance: IRD overlooks provisional tax scenario 1344 814 Lee Stace

Question: What is the amount on which IRD will remit interest (UOMI) at the date of the final provisional tax instalment if someone outside of safe harbour is unable to pay on time due to COVID-19? The answer: We cannot say for certain as this is a scenario IRD has yet to address in its…

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COVID-19: How tax pooling can still help taxpayers

COVID-19: How tax pooling can still help taxpayers 1344 908 Lee Stace

IRD may be taking a more flexible approach in terms of its interest (UOMI) remission for taxpayers grappling with the financial impact of COVID-19 – but any request for relief will still be at its discretion and on its terms. As such, an IRD-approved tax pooling provider such as Tax Management NZ (TMNZ) can assist…

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COVID-19: Clarification around UOMI remission for 2019 terminal tax

COVID-19: Clarification around UOMI remission for 2019 terminal tax 1200 630 Lee Stace

IRD will only remit interest (UOMI) for terminal tax after 7 April 2020 if a taxpayer was unable to make this payment on time due to COVID-19. It means anyone who is accruing UOMI on unpaid tax from the date of their final provisional tax instalment – or earlier dates, for that matter – for…

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COVID-19: Additional tax relief announced

COVID-19: Additional tax relief announced 1200 630 Lee Stace

IRD will have the flexibility to change statutory tax deadlines as part of new measures announced to provide relief for taxpayers during the COVID-19 pandemic. Plans are also afoot to introduce a temporary tax loss carry-back scheme and relax the tax loss continuity rules. Today’s announcement by the Government recognises taxpayers require more assistance during…

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COVID-19 update: Devil in the detail with UOMI remission

COVID-19 update: Devil in the detail with UOMI remission 1344 756 Lee Stace

Update as at 14 April 2020 after IRD clarified its position following the publication of this article Someone who is struggling to pay tax on time due to COVID-19 will have to engage with IRD and agree to the terms of a payment plan if they want to receive a remission of interest (UOMI). Given…

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