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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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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 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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