With damage from the adverse weather events in Nelson, Marlborough, Far North and the Tasman having devastating effects, Cabinet have declared ranges of support for affected businesses, individuals and families affected by the floods. Find out if you qualify for any of the support granted due to the recent weather events below.
To assist affected farmers and growers, we are exercising discretion to allow late deposits for the 2022 year and early withdrawals from the income equalisation scheme. What’s an income equalisation scheme?
The income equalisation and environmental restoration schemes are a way for certain types of businesses to even out income fluctuations by spreading their gross income from year to year. Find out more about this scheme here.
Deposits for the Income equalisation scheme
Those in the affected areas of Tasman, Nelson, Marlborough and Far North districts have been granted late deposits for the 2022 year into an income equalisation scheme until the 31 May 2023.
Refunds for the income equalisation scheme
Generally a refund cannot be made if the deposit has been in the scheme for less than 12 months. However, those in affected areas are being granted discretion with early refunds. An application for an early refund will still need to be processed and will take approximately 20 days.
Certification of exemption
Those in affected areas that are involved in agricultural contract work may be entitled to a certificate of exemption which means that your scheduler payments are to be deducted.
Provisional tax estimates/re-estimates
You may be able to make an estimate or re-estimate of your provisional tax if your income has changed due to the extreme event.
Special tax codes
You may be entitled to a special tax code if you’re receiving a salary or wage and have a loss to carry forward to reduce the amount of tax you are paying.
Additional support
If you require additional support, please talk to your Walk Wayland Accountant as there may be additional tax relief options.
