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At 2pm today, the New Zealand Government announced a Business Continuity Package to assist businesses struggling due to the impact of the COVID-19 outbreak.

There are five proposals related to tax.

  • Giving Inland Revenue the discretion to remit use-of-money interest (UOMI) for customers significantly adversely affected by COVID-19.
  • Increasing the provisional tax threshold from $2,500 to $5,000 from 2020/2021.
  • Increasing the small asset depreciation threshold from $500 to $1,000 – and to $5,000 for the 2020/21 tax year.
  • Allowing depreciation on commercial and industrial buildings from 2020/2021.
  • Removing the hours test from the In-Work Tax Credit (IWTC) from 1 July 2020.

Use-of-money interest

Support for Families

More information on these proposals are available on the Treasury New Zealand website.

Treasury New Zealand

COVID-19 (novel coronavirus)