Generate Accounting will close at midday on 23 December 2020 and reopen again on Monday 18 January 2021. We hope you all get some downtime after such a difficult year and take the time to recharge. We certainly will be! We would like to wish our clients and suppliers a very Merry Christmas and a …
COVID-19 – New Assistance Available With Auckland being placed into a Level 3 lockdown, the Government has made announcements about extended assistance. Resurgence Wage Subsidy The Government has announced that they will extend the wage subsidy scheme again, this time for a period of two weeks to cover Auckland’s lockdown. As we have already had …
First things first. Applications for the original wage subsidy expire today, Tuesday 9 June. If you haven’t already applied and qualify, do so now. If you want more information on the existing scheme, please click on the link here. Details of the Extension Applications open for the wage subsidy extension on June 10, 2020 at 9am. As …
Inland Revenue have announced their new Use of Money Interest (UoMI) charges effective from Friday 8 May, 2020. For clients who have underpaid tax, such as provisional tax, the UoMI rate has decreased from 8.35% to 7.00%. We profiled changes to the Use of Money Interest regime in a previous post here. There is more information …
The government has announced a new interest free loan facility for SMEs, along with some overdue changes to the existing Business Finance Guarantee Scheme. Small Business Cashflow Loan Scheme This newly announced scheme provides a loan facility for SMEs that employ 50 or fewer staff. The amount is capped at $100,000.00. These loans will be …
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Coronavirus – Tax Loss Scheme The government has announced details on the changes to tax losses as part of a suite of measures to assist with the economic downturn caused by the COVID-19 lockdown. The scheme will allow entities to offset a loss in a particular tax year against a profit in a previous year. …
Coronavirus – Companies Act changes The government has announced today that they will introduce legislation to temporarily change the Companies Act. The key changes will safeguard directors at this time and allow businesses to “hibernate” any debt. This announcement follows similar moves in Australia and the United Kingdom. Directors’ responsibilities Under existing law, director’s may …
Coronavirus – Business Finance Guarantee Scheme The government has announced details around their Business Finance Guarantee Scheme. The intention is to assist businesses with both cashflow and operating expenses. The scheme will offer a total of $6.25 billion in loans to New Zealand businesses. The Government is guaranteeing 80% of the risk, while the banks …
Coronavirus – Changes Announced for Wage Subsidy The government announced changes to the wage subsidy scheme on Friday 27 March. If your business has already applied for support and did so prior to 4 p.m. on Friday 27 March, you are not impacted. However, you should read on to see some commentary on asking employees …
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Coronavirus – IRD Tax Payments Inland Revenue have issued advice on tax payments during the Coronavirus pandemic. With New Zealanders locked down in their homes, and many businesses at a standstill, the department acknowledges that making timely tax payments will be a challenge. Some businesses will be financially distressed at this time. We know from …
