Were you affected by the recent floods?
On 29 August 2022 Cabinet declared the series of 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 identifies Tasman, Nelson, Marlborough and Far North districts as the affected areas.
Farmers and other businesses whose current or future income will be significantly affected by these extreme events will be able to seek discretionary relief.
The floods will affect farmers and grower’s income for the 2023 income year. Late income equalisation deposits for the 2022 year can be made until 31 May 2023. Remisson on use of money interest for late payments of tax is also availavle where a person has been impacted by the flooding.
Business owners and families who have missed payment or filing dates or are struggling to deal with tax affairs due to the flooding, should make contact with Inland Revenue as soon as possible.
If we are your tax agent and you would like to know which options specifically apply to you and your business, please contact our office.