New Zealand's Inland Revenue (IR) has announced some tax relief options for growers who were affected by hail events in December 2020.
Affected growers can apply to use IR's Income Equalisation Scheme (IES).
Income equalisation schemes, including the environmental restoration scheme, allow farmers, fisher, growers and foresters to even out fluctuations in their income by spreading their gross income from year to year.
IR also has a range of other support in place for affected businesses:
- Temporary loss carry-back scheme
- Businesses who have missed tax obligations can apply to have late filing and late payment penalties remitted.
- IR may be able to help in other ways including hardship relief and Working for Families Tax Credit payments.