Guidance on recent COVID-19 tax legislation is now available

Guidance on recent COVID-19-related legislation is now available. It covers the loss carry-back scheme, administrative flexibility for Inland Revenue, the Small Business Cashflow Scheme, and the tax treatment of payments to New Zealanders stranded overseas.

The changes were included in the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 (enacted on 30 April 2020) and the COVID-19 Response (Further Management Measures) Legislation Act 2020 (enacted on 15 May 2020).

The guidance will be published in the August 2020 edition of the Tax Information Bulletin.