Final Provisional Tax & GST Payment - Due 7 May 2020
A reminder that the third and final provisional tax payment for the income tax year ended 31 March 2020 as well as the payment for the latest GST return period is due for payment by 7 May 2020. Please make all payments to avoid accruing any penalties or interest.
Difficulty paying tax?
Inland Revenue May Waive Interest on Late Payments
If you're having difficulty paying the upcoming provisional tax or other GST payments, the IRD has said in some cases it can waive interest on late payments if the customers ability to make payment was significantly adversely affected by the COVID-19 outbreak.
We can help you setup a Tax pooling or financing arrangement to defer the full payment to a time in the future that better suits your business cashflow. Tax Pooling is an IRD-approved service offered by our partner, Tax Management NZ. Click here for more information.
Apply for an installment arrangement in myIR
Further, the IRD maybe be able to help you set up an installment arrangement. We can help you apply for a write-off due to serious hardship when you know you won't be able to pay the full amount.
IMPORTANT: We need to contact the IRD as soon as practicable to request relief and will also be required to pay the outstanding tax as soon as possible.
WE CAN HELP YOUR BUSINESS WORK THROUGH THE IMPACT OF COVID-19
Tax Professionals can help your business to survive the impact of Covid-19. With financial planning, business and human resources planning, forecasting, finance and lending support and also working with you through the Covid-19 subsidy process, we are here to help.
Please see our first update below on advice around employment and human resources issues facing businesses as a result of the Covid-19 lockdown.
