In case you missed the latest… It’s a good news day today!
We have a drop in Covid-19 cases today in New Zealand. A new ‘low’ of 50, which in terms of Covid-19 can only be good.
We are sure, like us, you are watching the latest developments and hoping this means that we can get down those alert levels and start getting back to regular business.
In other news…
The IRD have a planned shutdown through Easter, 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.
Employment Information (EI) returns for payday filing that are due over the temporary close-down should, if possible, be filed on Friday 17 April. The days during the temporary shutdown won’t count as working days for filing periods.
For more information, keep an eye on: ird.govt.nz/service-update
IRD Payment options
We are looking at different ways that we can assist with this, as we are aware many clients who traditionally have paid by cheque or dropped into Westpac to pay, either cannot do this right now or are finding their local branches not open.
The IRD have relayed that, if a business is unable to pay its taxes on time due to the impact of COVID-19, they will understand. Their directive right now, is to get in touch when you can and they will write-off any penalties and interest resulting from the current situation. Equally our team is happy to assist with these discussions if you need.
More can be found at: https://www.ird.govt.nz/covid-19/tax-relief
Installment arrangements
The IRD is also enabling more flexibility and lowering the threshold for installment arrangements set up in myIR.
The new minimum repayment rates are:
- Weekly $20 (previously $50)
- Fortnightly $40 (previously $100)
- Monthly $80 (previously $200)
Please note that these are the minimum amounts… what the IRD will accept will depend on the debt level and your own circumstances.
Equally, for Businesses that can pay, the IRD has several options – internet banking or using myIR are the easiest. However Businesses can also make credit card or debit card payments over the phone or set up direct debit payments through their myIR account. While we cannot do this for you, we are happy to direct you in setting up your MyIR, and direct you to the payment options information.
For further details on alternative ways to pay your tax: ird.govt.nz/managing-my-tax/make-a-payment/ways-of-paying
For those who would like to continue to use the option of making payment at Westpac – we are aware that some Westpac branches are open only one day a week, on a Wednesday, during the COVID-19 lockdown.
For more information on Westpac’s new branch opening hours: westpac.co.nz/who-we-are/covid-19/branches-and-atms/
If you are struggling with cash-flow, or generally just to get 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.
From the Graham Brown & Co Team
Kia kaha, stay safe