Heavy Rain and Flooding in the Upper North Island – Farmers and Growers – 3 February 2023
On 2 February 2023, Minister of Agriculture, Damien O’Connor, and Minister for Rural Communities, Kieran McAnulty, declared a medium scale adverse event for the Northland, Auckland, Waikato and Bay of Plenty regions as a result of heavy and sustained rainfall from 26 January 2023 to 1 February 2023.
If you are impacted by these weather events, you do not need to contact the IRD immediately. However, when you do want to get in touch, the IRD are prioritising their support to affected customers. Please send a message in myIR using the key word ‘flood’ or call the IRD on their disaster line 0800 473 566.
To help affected farmers and growers the IRD are allowing late deposits for the 2022 year and early withdrawals from the income equalisation scheme.
Income equalisation scheme deposits The rain and flooding will affect farmers’ and growers’ income for the 2023 income year. Late deposits for the 2022 year can be made until 31 May 2023. Early refunds of deposits will be allowed. Normally income equalisation deposits are not available for refund until 12 months after the deposit is made. However, the IRD does have discretion to allow early refunds, particularly in the case of a medium or large-scale adverse event or when the person is suffering serious hardship.
All applications for an early refund must be in writing and will take approximately 20 days to process. It should be remembered that the refund will be income in the year that the application is made unless it is elected to treat the refund as income in the prior income year where the application for refund is made in the specified period.
For more information on income equalisation and deposits see the IRD’s standard practice statement.
SPS 19/03 Income equalisation deposits and refunds
Unfortunately, with details changing all the time and at such speed, we need to add that the above content is correct at the time of writing as far as the author is aware and is very much subject to change. We have, to the best of our ability, acknowledged any shared content. All related links provided to the corresponding websites are subject to change as they are live links.