Income tax Dates
OCT 28Provisional tax payments are due if you have a March balance date and use the ratio option.
JAN 15Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
FEB 7End-of-year income tax and Working for Families bills are due, unless you have an extension of time to file your income tax return.
If you have tax from reducing your herd due to Mycoplasma bovis, you can get help in the Income equalisation scheme. These type of circumstances is treated as a "Class of Case" for Income equalisation purposes.
This may have an impact in the 2018/2019, 2019/2020 or 2020/2021 income tax years depending on when it was identified.
Income equalisation scheme - deposits
We're able to accept later deposits to the income equalisation scheme.
For farmers whose current or future income will be affected by Mbovis we'll allow late deposits for the 2018 – 2019 income tax year up to 30 April 2020 regardless of when the 2019 return is filed or what the due date is for filing the tax return.
An affected farmer will need to:
- provide a statement to the effect that they have been affected by Mbovis
- ensure the deposit is received by Inland Revenue by 30 April 2020, provide a notice with the deposit stating it applies to the 2018-2019 tax year and that the late deposit criteria are to apply.
Income equalisation scheme - refunds
We're able to make early refunds from the income equalisation scheme where satisfied that an affected person will use a refund for certain purposes. Early refunds will be permitted to assist farmers with expenditure, financial difficulty or replacing stock as a result of Mbovis.
A signed statement to this effect, by the farmer or the farmers tax agent, will be required. Generally, a refund will be considered income in the year a request is made. However, the Commissioner will consider a longer period for these cases.