Anyone impacted by COVID-19 will have 365 days after their terminal tax date to settle 2019 income tax arrangements with TMNZ, subject to meeting certain criteria.
The extension is subject to a taxpayer completing an application form and meeting a couple of conditions.
The taxpayer must experience a significant decline in actual or forecast revenue due to COVID-19 between January 2020 and July 2020. If you have received the Government wage subsidy, then this will satisfy the requirement.
The taxpayer must have their TMNZ arrangement for the 2019 tax year in place on or before 21 July 2020.
The taxpayer will need to supply a cashflow forecast. The application form can be submitted immediately, with cashflow forecast provided in the next three weeks.
If you have not yet paid your 2019 Income Tax, please get in touch and we can help you to set up an arrangement to get this paid off. If you have an existing TMNZ Arrangement that hasn’t been fulfilled, we will be in touch with you directly within the next week to discuss options.
For further information, please click here, or give us a call.