Description

Taxation has an important role to play as the Government seeks to limit the economic fallout arising from Covid-19. To date, the Government’s response has mainly focused on relieving financial hardship and keeping businesses afloat. Behind the scenes the Government has also been considering a number of other key changes which are intended to enable businesses to recover and guide New Zealand out of recession.

To date, a mixture of legislative and administrative responses have been announced, and many more are in the pipeline. These changes are intended to provide practical solutions to unique issues that have arisen during the lockdown (e.g. employees working from home), assist with business recovery (e.g. the tax loss carryback and tax loss continuity reforms), and deal with unique challenges arising from Covid-19 (including relaxing timing rules and providing relief from interest and penalties).

This webinar will consider the Government’s legislative and administrative response to Covid-19, including announcements made up to (and including) the 2020 Budget on 14 May 2020. The webinar will also speculate on what long-term changes are likely to be made to the tax system to pay for the debt mountain created by Covid-19.

ORIGINAL BROADCAST DATE

28 May 2020

LEARNING OUTCOMES

You will:

• Know what tax issues have arisen as a result of the Covid-19 lockdown, particularly for those clients with a 31 March balance date
• Learn about the key tax policy initiatives that have been announced in response to Covid-19, and how these will benefit your clients
• Know what tax thresholds are being changed to reduce compliance costs and to assist taxpayers preserve cash flow in the light of Covid-19
• Understand how and when the Commissioner will exercise her care and management powers to deal with unusual tax issues arising from Covid-19
• Know the circumstances in which Inland Revenue will remit penalties and interest where tax is paid late because of Covid-19
• Learn about what long-term tax changes may be made to the tax system as a result of Covid-19

SUITED TO

Accountants of all levels

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law