Income tax Dates
On 21 August 2022, Minister for Rural Communities, Damien O’Connor, declared a medium-scale adverse event for the Tasman, Nelson, Marlborough and Far North districts.
This is affecting customers’ ability to comply with their tax obligations, including filing and paying on time.
On 29 August 2022 Cabinet declared the adverse weather fronts that crossed New Zealand between 17 and 21 August 2022 as an emergency event for the purposes of Use of Money Interest Remission (UOMI). The declaration identified Tasman, Nelson, Marlborough and Far North districts as the affected areas.
Income equalisation scheme – deposits
The floods will affect farmers and grower’s income for the 2023 income year. Late deposits for the 2022 year can be made until 31 May 2023.
Income equalisation scheme - refunds
Early refunds of deposits will be allowed. Normally, income equalisation deposits are not available for refund until 12 months after the deposit is made. However, we do have discretion to allow early refunds, particularly in the case of a medium or large-scale adverse event or when the person is suffering serious hardship.
We also have the ability to determine a 'class of case' that qualify for an early refund.
All applications for an early refund must be in writing and will take approximately 20 days to process. It should be remembered that the refund will be income in the year that the application is made, unless it is elected to treat the refund as income in the prior income year where the application for refund is made in the specified period.
For more information on income equalisation and deposits.
Standard Practice Statement 19/03 Income equalisation deposits and refunds
You can also call us on our emergency helpline, 0800 473 566.
New Zealand legislation
Income Tax Act 2007:
- Section EH 4(4)
- Section EH 15(3)