Many businesses and organisations will have changed the way they operate to respond to the challenge of COVID-19. There are new measures designed to help businesses and their employees deal with the COVID-19 outbreak. We want to help customers understand the tax implications of these changes.
COVID-19 support schemes
The government announced several schemes to support businesses and organisations impacted by COVID-19.
COVID-19 Support Payment
The COVID-19 Support Payment (CSP) was for viable and ongoing businesses or organisations facing a reduction in revenue due to COVID-19 circumstances.
Temporary loss carry-back scheme
Businesses expecting to make a loss may be eligible to use the temporary loss carry-back scheme.
Temporary loss carry-back scheme
Small Business Cashflow Scheme
Your business or organisation may be eligible for a loan from the Government.
Small Business Cashflow Scheme
Resurgence Support Scheme
The Resurgence Support Payment was for viable and ongoing businesses or organisations facing a reduction in revenue due to an alert level increase of 2 or higher.
Managing tax
Assistance may be available if your business is having difficulties because of COVID-19.
Paying tax
If you’re unable to pay your taxes on time due to the impact of COVID-19, we can help.
COVID-19 Difficulty in paying tax
COVID-19 Making payments to Inland Revenue
Penalties and interest
In response to the outbreak of COVID-19, we acknowledge that many customers will be coming under increasing financial pressure to pay their taxes in full and on time.
Claiming deductions
If your business has downscaled or stopped operating due to COVID-19, you may be able to claim GST and income tax deductions for expenses and losses.
Claiming deductions when your business is disrupted by COVID-19
Requesting financial relief
If your ability to pay tax on time has been impacted by COVID-19, you can submit a request for remission of penalties and interest through myIR.
Other COVID-19 business updates
COVID-19 Tax relief for donations of trading stock
Income equalisation assistance for farmers fishers and growers