IRD TAX changes to help struggling businesses.
As a result of Covid 19 the Government has recently announced tax changes which are designed to help struggling businesses.
Depending on the individual circumstances some of the main points are
1) Paying your tax in installments
2) Reassesing your current provisional tax.
3) Offsetting last years profit to this years loss so reducing the tax payable for last year.
4) Writing off penalties in some circumstances
5) The small asset depreciation threshold has been extended to $5000. So any assets less than that can be expensed
6)Provisional Tax less than $5000 does not have to be paid in installments during the year.
It is worth talking to your accountant or Inland Revenue to see what would be available to help you in the current climate.