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New Zealand Inland Revenue is relaxing the rules of its income equalization scheme for flood-hit farmers.
The income equalization scheme allows farmers to better manage peaks and troughs in their income by allowing money to be put aside from a better year and withdrawn against a less favorable year.
Inland Revenue has decided to relax the rules for farmers who are significantly affected to allow late deposits from the 2016 income tax year to be made up to April 30, 2017, regardless of when the 2016 tax return is filed or the due date for filing that return. It will also allow early refunds.
"This step will help provide relief for those famers by giving them an option to help address the financial consequences of the flooding," said Revenue Minister Judith Collins. "I have every sympathy for affected farmers. They should consult their accountants to consider whether this relief will be helpful in their particular situation."
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