East Coast News & Events

Focus on the clean-up, not tax deadlines

Focus on the clean-up, not tax deadlines

IRD is telling Cyclone Gabrielle-impacted farmers to focus on the clean-up, not tax deadlines.

“If you have been affected by the recent cyclones and adverse weather you might be worried about not being able to file or pay your taxes on time.  Focus on the clean-up.  When you are able to please contact us via myIR including the word ‘cyclone’ or call us on our disaster line 0800 473 566,” he said.

IRD has offered the following advice and information links:

If you are impacted by these weather events, see what support is available for you here

Penalties and interest 

If you let us know as soon as you reasonably can that you’ve been affected by either Cyclone or the January 2023 floods, we can then later remove any late filing and payment penalties, and some interest. You’ll need to ask us to do this after you’ve paid the core tax in a reasonable time. 

We also know that there has been localised flooding and damage across other regions and districts.  If that’s you, get in touch and we can see how we can help. 

At any time you can set up an instalment arrangement in myIR to pay us over time.  This means you won’t get any additional penalties in the first place. 

Income Equalisation Scheme 

To help affected farmers and growers we are allowing late deposits for the 2022 year and early withdrawals from the income equalisation scheme – to find out more , click here.

https://www.ird.govt.nz/income-tax/income-tax-for-businesses-and-organisations/income-equalisation-scheme

Donated trading stock 

Normally if you give goods away you still have to pay tax as if you’d sold them, but until 31 March 2024 you might be entitled to some tax relief.  This area is quite complex and you should speak with your accountant or tax agent. 

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