Tax Administration Act 1994

Increased provisional tax threshold: Legislative application

Increased provisional tax threshold: Legislative application 765 450 Lee Stace

The rules that determine whether someone must pay provisional tax are still the same in terms of how IRD applies them. However, what’s not the same for the 2021 and future tax years is the point at which they are applicable to a taxpayer. That’s the important thing to remember if you’re struggling to wrap…

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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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Image: Small business loan

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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