New Zealand’s Inland Revenue advised tax agents on Tuesday that New Zealand income tax returns due for filing before 31 March 2022 may be filed by 31 May 2022.
The income year that this filing date affects is individual income tax returns for the year ended 31 March 2021.
If no tax return is received by 31 May 2022, an income tax return reminder letter will be sent approximately 10 working days later advising that the return has not been filed.
If the return is not filed within 30 days from the date of that letter, Inland Revenue will automatically withdraw any extension of time for filing and charge a late filing penalty.
This move has come in response to Chartered Accountants Australia and New Zealand’s work in assisting taxpayers and their tax agents at this stage of the pandemic.
Many taxpayers are expected to be impacted as the Omicron variant charts its course through New Zealand. Similarly, the tax industry is expected to be impacted also.
Taxpayers who have been adversely affected by COVID-19 may qualify for a further extension of time beyond 31st May 2022, to file their income tax return for the year ended 31 March 2021.
Yes, we can assist. If you require assistance with New Zealand income tax return preparation and filing, please email gina@nzustax.com.