In case you missed these…..
IRD Temporary Closure dates:
IRD is shut down from 3pm this Thursday 21st October 2021 until the start of business on Thursday 28th October 2021.
All draft returns or secure mail in myIR need to be finalised and submitted by 3pm on “Thursday 21st October, or they will be deleted.
Employment information returns for Payday Filing, due over the closure period, can be filed early, if you are able. The days during the temporary shutdown will not count as working days for filing periods.
GST returns and Provisional Tax payments due on 28th October 2021 can now be filed and paid up to and including Thursday 4th November 2021 – with no penalty.
Wage Subsidy (#5)
The 5th Wage Subsidy opened at 9am on Friday 15th October, and will be open for two weeks. You can apply for Wage Subsidy #5, even if you haven’t applied for a previous payment, provided you meet the eligibility criteria.
Please contact us if you need any help with applying for this.
Resurgence subsidies continue to be available – please refer to our previous newsletters for details.
COVID-19 impacting your ability to pay taxes?
If COVID-19 has impacted your ability to pay your taxes, please let us know. Inland Revenue are allowing instalment arrangements (with repayment plans) to be set up through myIR to pay off taxes over time. Provided taxpayers keep to the terms of the arrangement, with payments on time, they will not be charged penalties and interest.
COVID-19 affecting your business activity at all?
We have noticed with some concern that a few clients who have been impacted by COVID-19 have not claimed wages subsidies and/or resurgence payments. These provisions are in place to assist you if you have been affected by COVID-19. Please contact us urgently if you think this might apply to you.
Interest deductibility on rental property and Brightline extension
The Government has confirmed the gradual phasing out of interest paid on existing rental property mortgages. Also confirmed is the extension of the Brightline test making capital gains on sale of rental property held for less than 10 years, for property purchased after 27 March 2021. This will remain at 5 years for new builds.
While the basic information is straightforward, as always, the devil is in the detail. If you need information urgently, please contact us. We will be sending a separate newsletter about this matter in the next few weeks, along with our recommendations about record-keeping for residential property.
Hang in there….
This document will be out before today’s announcement about levels of restrictions in Auckland. There is so much we could say. We are here to help, and feel free to call or email us as needed.