Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Tax relief for flooded businesses

4 March 2004 Media Statement

Tax relief for flooded businesses

The government will legislate to give Inland Revenue more flexibility in dealing with business taxpayers who are having problems paying their taxes because of the floods in the lower North Island last month, Revenue Minister Michael Cullen announced today.

“The law will be changed to allow Inland Revenue to remit use-of-money interest on tax payments that are late as a result of the flooding – either because taxpayers’ records have been destroyed, they cannot gain access to their records, or they did not have time to make their payments because of higher priorities created by the flooding.

“The change is necessary because, under present law, Inland Revenue can remit penalties arising from late filing of returns or late payments caused by the flooding, but it does not have clear authority to remit use-of-money interest in these circumstances.

“The law will also be changed to allow Inland Revenue to accept estimates of provisional tax that are late because of the floods. Normally, taxpayers who want early refunds of overpaid provisional tax must re-estimate their income for the year and file that information by the due date of their third and final instalment for the year – which is 7 March for many taxpayers.

“Strict criteria will apply: the taxpayers involved will have to have been significantly affected by the flooding, and they will have to apply for the relief,” Dr Cullen said.

Details on how to apply for relief and other information will be available on Inland Revenue’s website www.ird.govt.nz

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>

 

Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>

ALSO:

Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>

ALSO:

Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>

ALSO:

Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>

ALSO:

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election