COVID-19

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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Image: COVID-19 update

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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Image: Taxation (Kiwsaver, Student Loans, and Remedial Matters) Bill

Latest updates + insights on COVID-19 UOMI concession

Latest updates + insights on COVID-19 UOMI concession 1344 706 Lee Stace

Taxpayers physically unable to pay their tax on time due to COVID-19 can also apply to have IRD interest (UOMI) remitted. The COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill – which contains several other tax measures – was passed through all its stages under urgency in Parliament yesterday. The commentary for the Bill…

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COVID-19 update: IRD to waive UOMI on late tax

COVID-19 update: IRD to waive UOMI on late tax 1200 630 Lee Stace

IRD will have the power to wipe interest (UOMI) if those significantly impacted by COVID-19 cannot pay their tax on time. The provisional tax threshold will also increase from $2500 to $5000. The changes were announced by Minster of Finance Grant Robertson as part of the Government’s fiscal and economic response package to COVID-19. A…

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