We recognise the dairy price downturn may cause financial issues for dairy farmers and will materially affect some farmers financial position for the 2015-16 income tax year.
Approval to use Inland Revenue’s income equalisation scheme discretions has been granted. As the price downturn was evident very early in the 2015-16 tax year the use of the general discretions for late deposits is unnecessary. However, dairy farmers who are materially affected by the dairy price downturn can still make individual application for late deposits.
We will allow dairy farmers who are materially affected by the dairy price downturn and who are suffering financial hardship to make early withdrawals in their 2015-16 or 2016-17 tax years.
If you have been affected by the dairy price downturn and are struggling to deal with your tax affairs, please contact us sooner rather than later so we can help. The best way to do this is through your tax agent, or call us on 0800 227 774.