Happy Monday, we hope that you all enjoyed a restful time within the safety of your family ‘bubble’.
A few updates from the week that was…
It continues to be a busy and confusing time for many business owners, and on top of that year-end for many to contend with. The IRD have acknowledged this is a pretty difficult time, by extending their flexibility with how they approach late payment of taxes.
If your business is unable to pay its taxes on time due to the impact of Covid-19, the IRD has advised that currently there is no need to contact them, just to get in touch when you can.
They have the discretion to write-off any penalties or interest incurred as a support to the Covid-19 situation. If you are struggling with cash-flow, or generally just getting the information together or the payment made, please let us know we are happy to discuss with the IRD on your behalf, or look at other ways we can help.
IRD changes as mentioned in our earlier mail outs:
- IRD still expect businesses to pay GST and PAYE and file as per normal – note that there are still ‘non-filing penalties and interest’, that may be applied
- Provisional taxes – IRD may release 2020 overpaid provisional taxes early
If you think that your tax position may change for your tax year ended 2020, whether as a result of Covid-19 or not, then please do not hesitate to contact us to discuss how these changes may affect you.
And there is more:
- Provisional threshold is moving from $2500 to $5000, for 2020/2021
- Small asset claims are moving from $500 to $1000, but for 2020/2021 its $5000
- Depreciation is allowed again on industrial and commercial buildings
- There is no longer an ‘hours’ worked test with In Work Tax Credit
- Overseas and have a Student Loan? You can now apply in some cases for it to be interest free if you cannot get home
- There are other ways you can pay your tax, through internet banking or using myIR. You can make credit card or debit card payments or set up direct debit payments through your myIR account
Follow the link for more information https://www.ird.govt.nz/covid-19/tax-relief
IRD planned shutdown of services
The IRD have also notified us that they have a planned shutdown from 3pm Thursday 9th April and services will re-open on Thursday 16th April.
This is to accommodate the next rollout of myIR services which affects student loans, payroll and direct debits.
Attached are some handy notes about the new systems going ahead:
Note, that if you have payday filing between 9th April and 16th April, that this will now not be due until Friday 17th April.
Contact details should you need us:
RECEPTION: Emily: 07 885 1022, Ext. 740
Debbie: Email. firstname.lastname@example.org, Mobile. 021 447 297
Brendon: Email. email@example.com, Mobile. 027 270 3699
Phillip: Email. firstname.lastname@example.org, Mobile. 027 249 6354
Jasmine: Email. email@example.com, Mobile. 027 254 3930
CEO: 07 885 1022, Ext. 735
Richard: Email. firstname.lastname@example.org, Mobile. 027 276 8552
PUTARURU MANAGERS: 07 885 1022
Kimberley: Email. email@example.com, Ext. 746
Linda: Email. firstname.lastname@example.org, Ext. 747
Julie G: Email. email@example.com, Ext. 742
Timatanga: Email. firstname.lastname@example.org, Ext. 737
Shannon: Email. email@example.com, Ext. 714
Ella: Email. firstname.lastname@example.org, Ext. 713
Ashleigh: Email. email@example.com, Ext. 741
Cameron: Email. firstname.lastname@example.org, Ext. 728
TOKOROA MANAGERS: 07 886 7098
Arnel: Email. email@example.com, Ext. 220
Carol: Email. firstname.lastname@example.org, Ext. 221
Richard W: Email. email@example.com, Ext. 212
Kyla: Email. firstname.lastname@example.org, Ext. 211
Julie Still is on leave over the lockdown period and Linda is looking after her clients.
From the Graham Brown & Co Team
Kia kaha, stay safe