GSTV: Covid-19 + new tax info + paying back subsidies + fear of GST increases

Our tax specialist Richard Ashby is interviewed by Michael Vukcevic. Here he provides tips around your tax – the devil is in the detail.

  1. I noted this morning your internal message to the team re the urgent Bill the Government has just passed through the House this week, particularly the new loss carry-back rules. Could you explain these new rules to me please?
  2. Following on from that, I note that the loss carry-back rules were just one component of a more broader package of proposals announced by the Government a couple of weeks ago. Could you tell me a little more re the tax related proposals?
  3. I also recall seeing a post by you earlier in the week, re a special report just released by Inland Revenue on the first round of Covid-19 tax related changes passed into law back in March. A little recap perhaps?
  4. I’ve heard of clients who have originally claimed the wage subsidy, who now feel that the business may actually perform better than first expected between now and June 2020, and therefore they are unlikely to experience the requisite 30% reduction in revenues that entitled them to claim the subsidy in the first place. How do they now go about paying the subsidy back?

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