Our physical offices are now closed. However, as our staff are now all working remotely, our accounting, tax, audit and business advisory work continues as normal. All client work will continue to be completed to deadline and to our customary high standards.

Although there will be no face-to-face meetings, workflow can still continue over the phone or via Skype, Zoom or Facetime. You can contact us in the same methods, i.e. email, direct dial numbers (now diverted to mobile numbers) and the main office phone number (which has been diverted and will be manned by our Receptionists.) Please send any records or documents to us electronically, as we cannot receive hard copies of any documentation.

If you or your business is experiencing financial difficulty as a result of COVID-19, please contact our Directors for assistance. We have already begun providing financial expertise and assistance to clients who are being adversely affected by the pandemic.

We’re here to help you and your business with the impact of COVID-19. Here are the latest financial updates and advice.

Wage Subsidies

Wage Subsidy: Cannot Pay Employees More Than Usual Wage

Under the wage subsidy scheme, you cannot pay an employee more than their usual wage.

The IRD strongly recommends that where possible, employers pass the wage subsidy amount to employees as part of their normal pay cycle rather than in one lump sum.

Wage Subsidy Rule Change For Closed Businesses

There is good news for businesses that have closed or drastically reduced staff hours as the government has made adjustments to the wage subsidy requirements.

Work and Income have published answers to some frequently asked questions about the wage subsidy, clarifying issues regarding multiple applications, employer obligations, shareholder-employees, partnerships, self-employed and more.

Wage Subsidies: Developments

Clarification of the tax treatment of the wage subsidies, who can apply, and a working example.

The Government has announced that the COVID-19 leave payments and wage subsidies will not include any GST.

New Zealand Business Numbers (NZBN)

In order to apply for the COVID-19 wage subsidy, you will need to have a New Zealand Business Number (NZBN).

Assistance in the form of flat-rate wage subsidies is available for employers to help retain employees and alleviate cash flow challenges.

Tax

Contacting IRD

IRD advise that the best way to contact them is via myIR.

We strongly advise doing all of your banking, including making tax payments, online. However, selected Westpac branches are open for strictly limited hours on Wednesdays.

COVID-19 Tax Relief

There are a number of options available to take the pressure off meeting your tax payments – we recommend contacting IRD as soon as possible.

The government’s relief package targets business tax assistance, including increases to the instant asset write-off and increasing the provisional tax threshold.

Research And Development Tax Credits

It is proposed to bring the application date of broader refundability for the R&D tax credit forward by one year.

Homeowners

Financial Support For Homeowners And Businesses

The government, retail banks and Reserve Bank have developed a financial support package for homeowners and businesses.

Government Relief Package

COVID-19 Government Relief Package: Income Support

Income support assistance under the government’s relief package includes a weekly increase to all main benefits from 1st April 2020.

Leave payment assistance is available for employers who have workers/contractors required to self-isolate.

COVID-19 Government Relief Package: Redeployment Package

The government’s relief package includes redeployment funds to help with employee training in industries not affected by COVID-19.

General Business Resources

COVID-19: ACC Information For Businesses

ACC remain open for remote support, and have asked that businesses who may have difficulty paying their ACC levies to contact them.

Charities Services remain contactable, and have shared information specific to charities regarding COVID-19.