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COVID-19 Company And Other Entity Law Changes

6.4.2020 Amendments to the Companies Act 1993 and legislation affecting other entities have been proposed to help entities affected by COVID-19 to stay afloat. The proposed changes include the following: Directors, trustees and partners who continue trading will have a “safe harbour” from potential insolvency breaches if they consider, while acting in good faith, that

2020-04-07T16:00:15+12:00April 7th, 2020|COVID-19|

Wage Subsidies: Cannot Pay Employees More Than Usual Wage

Under the wage subsidy scheme, you cannot pay an employee more than their usual wage. If an employee's wages are less than the wage subsidy ($585.80 for full time workers and $350 for part time workers), you must pay them their normal wages. Any excess that is leftover can be used to pay other affected

2020-03-31T11:03:06+12:00March 31st, 2020|COVID-19|

Contacting IRD

The IRD is extremely busy providing support to customers impacted by COVID-19 (in addition to its normal services). The wait times on their 0800 phone number are significantly longer than usual. IRD advise that the best way to contact them is through myIR, so if you have questions for IRD please message them via the

2020-03-31T10:53:37+12:00March 31st, 2020|COVID-19|

Making Tax Payments At Westpac During Lock Down

During the Alert 4 lock down we encourage you to do all of your banking, including making tax payments, at home online. If you do need to make a payment or do other essential banking at a branch, selected Westpac branches will be open for strictly limited hours on Wednesdays only. Access to the branches

2020-03-31T10:51:38+12:00March 31st, 2020|COVID-19|

Paying Wage Subsidies: Lump Sum Vs Normal Pay Cycle

The IRD strongly advises that where possible, employers pass the wage subsidy amount to their employees as their normal pay cycle. I.e. if employees are paid weekly then it is advised to continue this cycle and pay 1/12th of the wage subsidy each week for the duration of the 12-week period (as well as any

2020-03-31T10:49:11+12:00March 31st, 2020|COVID-19|

Government Relief Package: Wage Subsidies – Developments

27.03.2020 The initial COVID-19 economic response package totalling $12.1 billion included $5.1 billion in wage subsidies, with a maximum drawdown limit of $150,000. This cap has now been completely lifted which allows medium- to large-sized businesses with more than 21 full-time employees to access the benefit as well. This will mean an employer accessing the

2020-03-31T10:43:09+12:00March 27th, 2020|COVID-19|

Research And Development Tax Credits

26.03.2020 It is proposed to bring the application date of broader refundability for the R&D tax credit forward by one year, to the 2019/20 income year. This aims to help businesses retain their R&D capability during the COVID-19 outbreak.

2020-03-27T14:06:08+12:00March 27th, 2020|COVID-19|

Financial Support For Homeowners And Businesses

26.03.2020 It has been announced that the government, retail banks and the Reserve Bank have developed a financial support package to help homeowners and businesses affected by the economic impacts of COVID-19. The package includes: A 6-month interest and principal holiday for mortgage holders and small- to medium-sized entities (SMEs) whose incomes have been impacted

2020-03-27T15:07:02+12:00March 27th, 2020|COVID-19|

COVID-19: ACC Information For Businesses

26.03.2020 ACC have advised that they have closed their physical branches but remain open for remote support via email (preferred contact method) and phone. If your business has a levy due and you are unsure if you are able to pay it due to the impact of COVID-19, please contact the ACC Collections and Recovery

2020-03-27T14:07:19+12:00March 26th, 2020|ACC and Kiwisaver, COVID-19|

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