If you usually receive a provisional tax payment slip, and you haven’t heard from us about provisional tax as yet, it’s likely because of the recent changes due to COVID-19.
In light of COVID-19 the provisional tax threshold has been increased from $2,500 to $5,000 for the 2021 year. There is also a Covid 19 tax relief provision which means that you may not have to pay your provisional tax for this instalment, but you may still have provisional tax to pay on the next instalment(s).
As you may know, the Inland Revenue Department (IRD) has been going through some large-scale changes in the last couple of years. This has posed some problems for the IRD, and the information we’re receiving at the moment as tax agents isn’t always timely nor correct.
If you still think you should have received a provisional tax payment slip and haven’t or something doesn’t seem right to you, or you have another question, please give the office a call.