We understand that the COVID-19 (novel coronavirus) outbreak is causing a lot of uncertainty and stress for yourself and your clients. As such, we're working hard to publicise tax information related to this outbreak as quickly as we can.
If you believe any of your clients may be struggling due to the impacts of the COVID-19, we strongly encourage you to contact them to discuss how we might be able to help. Our normal options for re-estimating provisional tax, setting up instalment arrangements, remitting late payment and filing penalties, and severe hardship debt write-offs are currently available. We encourage impacted businesses to take advantage of them.
Questions and Answers – COVID-19 IR Policy Initiatives
In response to COVID-19 there have been a wide range and frequency of policy and related changes. The most common questions we have received, along with detailed answers, are captured. This will be updated regularly and covers:
- income sharing
- insurance proceeds
- international disclosure requirements
- in-work tax credit (IWTC)
- low value assets
- provisional tax
- research and development
- returns and payments
- student loans
- use of money
- wage and leave subsidies
- Working for Families Tax Credits
- winter energy payment
- 31 March issues and impacts.
You can download the most recent version of this document at the bottom of this page.
You can find frequently updated information on our response to this outbreak in our COVID-19 area.
To ensure that you have all of the detail you need to continue working, we will be providing more technical updates on changes surrounding the COVID-19 outbreak on this page. Please check back regularly for more information.
Issues related to the Omicron outbreak
In relation to the latest Omicron outbreak, we'll update the general website instead of the PowerPoint presentation.
31 March due date extensions
We have made some changes affecting 2021 income tax returns. These include changes to:
- the time bar
- CFC and FIF disclosures
- loss and subvention payments
- look-through company elections
- trading stock on hand
- extension of time arrangements for tax agents.