Yesterday the government announced the Business Support Package, that is effective immediately, to assist businesses through the current economic challenges.
There are 2 parts to the package to support businesses specifically:
- Support via wage subsidies – with wage subsidies there are 2 types that are available (1) provide support to business to maintain employees and (2) provide payment for those employees and self-employed that have to go into self-isolation and are unable to work. More information on these is here
- Tax changes – four changes with different application dates but in summary they are:
- reintroducing the claiming of depreciation on industrial and commercial buildings
- increasing the threshold from $500 to $5,000 for the claiming of low cost assets
- increasing the provisional tax threshold from $2,500 to $5,000
- reduction and flexibility with use of money interest charged by the IRD
The IRD are also implementing a range of options for businesses that are having difficulty meeting the normal tax obligations due to the current situation.
For more detailed information head to the business information page.
As we want to support you through this time we are offering our time free for anyone who wishes to apply for any of the wage subsidy support packages so please contact us once you have reviewed the criteria. Also check out our Cash will be king post