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Today’s Top Headlines

New Zealand Extends Flood Tax Relief To Bay Of Plenty

by Mary Swire,, Hong Kong

17 April 2017

New Zealand has opened its disaster tax relief scheme to farmers impacted by floods in the Bay of Plenty.

The Inland Revenue said that it would allow these farmers to make late deposits to its income equalisation scheme for the 2016 income tax year up to May 31, 2017, regardless of when the 2016 return is filed or what the due date is for filing the tax return.

It added that an affected farmer will need to provide evidence of how they have been significantly affected by the floods.

The authority will also relax its 12-month waiting period for withdrawing income equalisation deposits to allow impact farmers to receive early refunds "particularly in the case of 'adverse events' or when the person is suffering serious hardship."

"In this case, materially affected means that the farmer is in financial difficult, or is incurring extra expenditure as a result of the weather event," it said.

Applications for an early refund must be in writing and will take approximately 20 days to process. The Inland Revenue said that the refund will be income in the year that the application is made unless it is elected to treat the refund as income in the prior income year where the application for refund is made in the specified period.

TAGS: tax | corporation tax | New Zealand | individual income tax

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