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Natural Disaster Tax Reliefs
Many of you may have been adversely affected by a series of recent nature events – Cyclone Gabrielle and the flooding. Inland Revenue (IR) has accordingly published various tax reliefs to help manage your tax obligations. The reliefs cover the following aspects:
- Unable to file or pay on time.
- Penalties imposed by IR.
- Use of money interest charged by IR.
- Financial hardship.
Suppose you need help with any of the above, we will be able to assist with the application for the corresponding relief. Either to seek an extension of the filing due date, to remove interest and penalties, or to write off all or some of your tax owing, depending on your situation.
Furthermore, Auckland Business Chamber has announced a $5 million package of emergency support (namely, Back to Work Grants) to help Auckland businesses significantly affected by the Auckland Anniversary weekend flooding. The categories for the Back to Work Grants include:
- Up to $5,000 for businesses that are red stickered, yellow stickered, or not currently operating as a result of the flooding.
- Up to $2,000 for businesses that are operating and have suffered a loss in excess of $2,000 as a result of the flooding.
- $750 for businesses that are operating and have suffered a loss in excess of $750, but less than $2,000 as a result of the flooding.
However, to be eligible for the grants, a few criteria are to be met.
If you would like to learn more about IR tax relief or Back to Work Grants, please get in touch with one of our friendly Tax Advisors.