COVID-19, Bill Passes Through all Stages
March 26th, 2020
The Government’s Bill introduced under urgency on Wednesday 25th March 2020, has now passed through all stages. The Bill, which is part of the Government’s economic response to the pandemic, includes targeted measures aimed at providing relief to those that have been economically affected by the COVID-19.
The Bill also includes measures aimed at addressing the broader economic impacts of the outbreak. The main features of the Bill include:
• Restoring building depreciation.
• Increasing the provisional tax threshold to remove smaller businesses from the tax provisional tax regime.
• Allowing immediate low-value asset write offs for more assets.
• Bringing forward broader R&D refundability.
• Allowing use of money interest to be waived.
• Allowing greater information sharing with a wider group of government agencies to assist the efficient and effective delivery of the Government’s COVID-19 response; and
• Allowing wider access to the in-work tax credit.
If you would like a copy of the 33 page commentary on the Bill written by the Minister of Revenue, the Hon Stuart Nash please email me and ask for a copy.
Chris Lynch, CA
Chris is the founding Director of Lynch & Associates Limited.
He qualified as a CA in 1973 and is a full member of the College of NZICA now merged with CAANZ. His expertise is in the areas of tax, accounting, business development, forecasting, and auditing. He has a clear focus on adding value to his clients lives and businesses and seeing the people behind the numbers.
Chris experience includes working as a CFO and company secretary for some of New Zealand’s leading companies before starting his own CA firm in 1999. In his previous roles Chris has worked in the wool, dairy, engineering FCG, banking and investment banking and stock broking industries.
Today he uses this vast experience to assist his clients add value to their businesses and personal lives.