Covid-19 Wage Subsidy Extension
May 21, 2020
The wage subsidy has been extended to support employers and self-employed who have been significantly impacted by Covid-19. It is available to all businesses (including the self-employed, contractors and sole traders).
The extension is available after the current wage subsid...
Temporary Loss Carry-Back Scheme
May 21, 2020
IRD have introduced a loss carry-back scheme to support customers during the current uncertain economic environment.
Businesses making a loss in either the 2020 year or the 2021 year can use that loss to offset profits they have previously made. The loss is carried back to t...
Government Loans - Small Business Cashflow Scheme
May 21, 2020
The government is providing loans of up to $100,000 to help businesses, including contractors and self-employed, experiencing cash flow difficulties.
IRD is administering the scheme on behalf of the government, however the loan is not a ‘tax’ product, therefore you must...
Covid-19 FAQ - Wage Subsidy, Holiday Pay & More
April 7, 2020
We have recently had a high number of questions relating to the wage subsidy, holiday pay during lockdown (Easter), reconciling Xero and taxes related to the Covid-19 subsidy.
Our Frequently Asked Questions (FAQ) below contain answers based on the information available now. ...
Upcoming Tax payments due: 7 April 2020 and 7 May 2020
March 19, 2020
2019 terminal tax payments are due on 7 April 2020. All our clients will now have received notification via email or phone if you have a payment due.
If you are currently experiencing cash flow difficulties to meet these payment (related or unrelated to Coronavirus) please l...
The government has announced a COVID-19 leave payment scheme to provide support. What does this mean for business owners?
In summary, if your employee has to self-issolate, is sick with COVID-19, or caring for others with COVID-19, and unable to work from home, Ministry of S...
Covid-19 Wage Subsidy for Employers
March 19, 2020
The government has put together a wage subsidy package for employers that are affected.
If you are an employer, contractor, sole trader, or self-employed you may qualify to get the COVID-19 wage subsidy. The wage subsidy is paid to the employer to assist in paying ...
COVID-19 Proposed Tax Changes
March 19, 2020
The government has announced a $12bn economic stimulus package to assist with Coronavirus. Here are some of the key tax proposalsThese changes are yet to be passed through law and some of the specific information is yet to be finalised. Most changes are proposed to have an e...
GST Zero Rated Property Transactions
January 22, 2020
We regularly review land transactions where either the purchaser or vendor are GST registered, but the other party is not. This inconsistent nature of each parties GST status may result in some uncertainty over the price of the land and have potential significant consequence...
Back to back loans & interest deductibility
January 9, 2020
When a business borrows money to earn taxable income, the interest cost will be tax deductible. The key test is the “use” of the borrowed money, rather than the purpose of borrowing. There must be a clear nexus between the interest incurred and the production of taxable ...
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