Although the worst of the pandemic has passed, Inland Revenue has maintained several tax breaks originally introduced because of Covid to continue to help businesses. In addition, changes to provisional tax may also ease your tax obligations.

If you can’t pay your tax on time because you were adversely impacted by Covid-19 or Covid-19 restrictions, you can ask Inland Revenue to remit penalties and interest on your overdue tax bills. Inland Revenue has discretion to remit all penalties and interest for tax payments until April 8, 2024, including provisional tax.

Provisional tax thresholds remain at $5,000 for the forthcoming tax year, up from $2,500 prior to 2020. This means you will only have to pay provisional tax if you pay more than $5,000 in tax at the end of the year from your last return.

Let us know if you’d like to talk through your tax position for the 2023 year.