COVID-19

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: 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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