COVID-19 Tax Relief for Businesses
New Zealand government has offered some tax relief due to the COVID-19 (novel coronavirus). In regards to provisional tax, you may be able to make an estimate or re-estimate your provisional tax using the estimation option of calculating provisional tax and refunds will be arranged by Inland Revenue if the tax is overpaid. Provisional Tax threshold will be increased from $2,500 to $5,000 from the 2020/21 tax year.
Orb360 provides a full breakdown of the information provided by the NZ Government 17 March 20202 for businesses to understand the relief.