Tax relief for August 2022 weather event

IRD have released a Tax Policy Update for the Weather Emergency events for the areas affected - Far North of the North Island, as well as the Marlborough, Nelson, and Tasman in the South Island.

IRD have said that the heavy rainfall experienced from 17 to 21 August which caused significant damage and disruption, has been declared an emergency event. This allows Inland Revenue to waive the use of money interest for affected taxpayers for late payment of taxes.

The emergency event applies to the Far North of the North Island, as well as the Marlborough, Nelson, and Tasman in the South Island. Businesses affected by the floods are urged to contact their tax agent if they would like to take advantage of the interest remission measure.

Taxpayers will be able to apply to have late payment interest waived once they have filed their returns and paid due taxes.

The Order is now in effect and will expire on 31 January 2023.