Source: New Zealand Inland Revenue Department – Press Release/Statement:
Headline: Resurgence Support Payments Bill introduced
The Taxation (COVID-19 Resurgence Support Payments and Other Matters) Bill was introduced to Parliament today, and is expected to be passed under urgency.
The Bill enables Inland Revenue to administer the new COVID-19 resurgence support payments (CRSP) scheme, which is a one-off support payment to businesses in the form of a grant. The payment would consist of a base amount of $1,500 per applicant plus $400 per full-time equivalent (FTE) up to a cap of 50 FTEs.
The Bill also increases the minimum family tax credit (MFTC) threshold for the 2021–22 and later tax years from $29,432 to $30,576 per annum.
For more information see:
- the Minister of Finance’s media statement
- the Bill as introduced and departmental disclosure statement
- the regulatory impact assessments and
- the commentary on the Bill.