The NZ Government is pushing to relieve financial stress for about 149k taxpayers by altering the rules about write-offs for tax debt.
As per the revenue minister, Stuart Nash:
- For the 2019/20 income tax year, tax payable up to $200 will be written off and the usual threshold for writing off tax is $50;
- Once the auto-calc process is completed, Inland Revenue is expected to issue refunds of more than $650 million as part of individual income tax assessment process.
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