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We're aware the dairy price downturn may cause financial issues for dairy farmers and will materially affect some farmers financial position for the 2015-16 income tax year.
As the price downturn was evident very early in the 2015-16 tax year the use of the general discretions for late deposits is unnecessary. However, dairy farmers who are materially affected by the dairy price downturn can still make individual application for late deposits.
Normally income equalisation deposits are not available for refund until 12 months after the deposit is made. However we do have discretion to allow early refunds, particularly in the case of "adverse events" or when the person is suffering serious hardship.
We will allow those dairy farmers who are materially affected by the dairy price downturn and who are therefore suffering financial hardship to make early withdrawals in their 2015-16 or 2016-17 tax years.
All applications for an early refund must be in writing and will take approximately 20 days to be processed. 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 please refer to our Standard Practice Statement 17/01 Income equalisation deposits and refunds (August 2017).
For more information please contact us on our emergency helpline 0800 473 566.
Income Tax Act 2007: