Government measures in key jurisdictions 5th edition - Flipbook - Page 97
New Zealand
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Allowing greater information sharing. This would allow Inland Revenue to share
information with a wider group of government agencies to assist the efficient and
effective delivery of the Government’s Covid-19 response.
Allowing more access to the in-work tax credit. This would ensure that working
families whose working hours are reduced as a result of Covid-19 would not lose their
eligibility
for the tax credit. Around 19,000 families will benefit.
Introducing a tax loss carry-back regime to provide cash flow quickly to businesses, by
allowing losses to be carried back one year.
Allowing Inland Revenue to change due dates, timeframes or other procedural
requirements for tax returns for taxpayers affected by Covid-19.
Ensuring the treatment of benefits and pensions paid to New Zealanders stranded
overseas is consistent with the treatment of equivalent payments in New Zealand.
For the 2019/20 income tax year, tax payable up to $200 will be written off. The usual
threshold for writing off tax is $50. This will reduce tax bills for about 149,000
taxpayers.
Company
law matters
To New Zealand’s Companies Act already permitted meetings to take place by means of
audio, audio and visual, or electronic communication, as well as in person, subject to any
restriction set out in a company’s constitution.
Have any measures
been put in place
to accommodate
social distancing
(such as remote
general meetings)?
The Government has now passed legislation to enable entities (including companies,
incorporated societies, charitable trusts, and others) to use electronic means for doing
certain things that its constitution or rules would otherwise prevent, and to temporarily
modify certain requirements or restrictions in its constitution or rules if it is not reasonably
practicable to comply with them.
The matters that may be carried out (wholly or partly) by electronic means are:
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having or recording information in writing;
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calling or holding meetings (including for the purpose of establishing a quorum);
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voting (provided that the entities officers believe that all of those entitled to vote will
be able to do so);
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giving or receiving information;
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making or keeping new records;
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providing access to records or information held by or on behalf of the entity;
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signing any instrument; and
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retaining any information.
Temporary modifications to a constitution or rules can relate to:
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how meetings are called or held (including deferring or waiving a requirement to hold a
meeting or changing procedures at meetings);
changing the method or form of voting; and
deferring auditing, assurance or financial reporting or review requirements.
These provisions, and any temporary modifications made, apply until 31 March 2021, unless
the Government decided to further extend this timeframe.
Businesses have also been encouraged to sign documents electronically, where permitted,
and for deeds to be witnessed using audio-visual links.
Details on signing documents electronically, and on which documents are not permitted to be
signed that way, are available here.
Government measures in key jurisdictions
97
