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Wellington Head Offices

44 Mairangi Road, Wadestown
Wellington 6012, NZ

Customer Services
Phone: + 64 4 830 3351
Email: enquiries@fspfinancial.co.nz

Business Development Team
Phone: + 64 4 888 1324
Email: info.wellington@fspfinancial.co.nz

Cork City Offices, Ireland

Commerce House, Office 103
Washington Street West
T12NCF2 Cork City
Republic of Ireland

Phone: + 353 212 028 051
enquiries.ie@atrium-associates.com

Altrincham Offices, UK

Peel House, 30 The Downs, Ste 28
Altrincham, Cheshire, WA14 2PX
England

Phone: + 44 161 3941 173
Email: info.altrincham@fspfinancial.co.nz

COVID-19: New Zealand To Waive Individual Tax Bills Up To NZD200

covid-19:-new-zealand-to-waive-individual-tax-bills-up-to-nzd200

Posted on 06-15-2020

The New Zealand Government has announced that it will provide tax relief for low-income earners by waiving nominal tax debts.

For the 2019/20 income tax year, tax payable up to NZD200 (USD128.5) will be written off. The usual threshold for writing off tax is NZD50.

“Fewer people will have tax bills to pay this year,” said Revenue Minister Stuart Nash. “Inland Revenue’s end of year automatic income tax calculation process for individuals is currently underway and is expected to run until early July. It is the annual wash up which results in people either having tax to pay or receiving a refund.”

“Increasing the write-off threshold will reduce tax bills for approximately 149,000 taxpayers. Writing off those amounts of tax may not seem huge to everyone, but it can be significant for someone experiencing financial stress.”

For following tax years, the threshold will revert to the NZD50 limit.

The New Zealand Government has announced that it will provide tax relief for low-income earners by waiving nominal tax debts.

For the 2019/20 income tax year, tax payable up to NZD200 (USD128.5) will be written off. The usual threshold for writing off tax is NZD50.

“Fewer people will have tax bills to pay this year,” said Revenue Minister Stuart Nash. “Inland Revenue’s end of year automatic income tax calculation process for individuals is currently underway and is expected to run until early July. It is the annual wash up which results in people either having tax to pay or receiving a refund.”

“Increasing the write-off threshold will reduce tax bills for approximately 149,000 taxpayers. Writing off those amounts of tax may not seem huge to everyone, but it can be significant for someone experiencing financial stress.”

For following tax years, the threshold will revert to the NZD50 limit.