Getting an early GST refund
If you prepare your GST returns on a six-monthly basis, you are permitted to make a temporary switch to a one-month taxable period so you don’t have to wait for a GST refund if you have bought a large item of equipment.
Of course, conditions apply. Details are at taxtechnical.ird.govt.nz – search for “variation of section 15D(2)” dated 21/02.
You will notice applications close on 31 March 2022.
Commercial leases
The Property Law Act is to have a clause inserted relating to commercial leases. It is to require a “fair proportion” of rent to be paid where a tenant has been unable to fully conduct their business in their premises due to Covid-19 restrictions.
Landlords and tenants will need to agree to an amount of rent that is fair. If they don’t the matter will need to be settled by arbitration or mediation.
This new law was effective from 28 September 2021.
