Winter is finally here to bring the rain in and remove us from this drought!
With the New Zealand business environment changing we have some updates to remind you about.
Support for Small Businesses
The Application date for the Small Business Cashflow (Loan) Scheme closes on the 12 June 2020. If you received the Wages Subsidy and need extra assistance to help cover operating costs in the short term this could be an option for you.
IRD will administer the loan scheme to those who apply for it. The maximum amount that you can apply for is $10,000 and a further $1,800 per full-time employee. This Loan is interest free if paid back in the first year, however this loan will be provided with a five year term at an annual interest rate of 3% from the date the loan was provided.
Additional Wage Subsidy
The wage subsidy payment has now been extended and applications open from the 10 June 2020 allowing extra support for employers, this also includes sole traders and partnerships, who are still significantly impacted by COVID-19. You can only apply for this extension once the 12 week Wage Subsidy has finished.
You will need to meet the criteria and agree to certain obligations. For additional information please Click Here.
IRD Late Payments Due to COVID-19
If you or your company have been effected by COVID-19 and unable to meet your obligations with tax payments, you are able to request a payment arrangement through the IRD to help minimalism the stress. We are here to assist you with managing your tax obligations if needed.
If you have any concerns or queries with the above please call or email us.