Our office is closed but we are here to help you in whatever ways we can. We know that the current coronavirus crisis presents very real difficulties for many of our clients. We will be working from home, however we will continue to answer the phone and respond to emails, so please don’t hesitate to call out if you need anything.
Emergency assistance from the government for employers and self-employed.
You may be entitled to an immediate cash payment from Work and Income. This subsidy is simple to apply for online, and it applies to both employers and self-employed people. Payments are currently being made within a few days of application.
- Wage subsidy – To qualify for assistance your business must experience a 30% decline in actual or predicted revenue, and this loss is attributable to the COVID-19 outbreak. You must agree that you will retain your employees for 80% of their regular income for the period of the subsidy. The subsidy is $585.80 per week for full-time workers and $350 per week for workers working 20 hours per week or less.
- Self-isolation – If you have workers required to self-isolate due to COVID-19 you can apply for a subsidy for the period they are not able to work.
For more information, see
https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html#null.
There are links on this page to each of the subsidies and to the online application form. If you need help, please call or email us.
Tax relief
Inland Revenue have also introduced some measure to help soften the impact of COVID-19:
- Use of Money interest – legislation is being introduced to all Inland Revenue to consider application to write of interest charges for people who are unable to make a tax payment due to the impact of the virus
- Provisional tax estimates – if your 2020 income is materially affected, it may be wise to estimate your 2020 provisional tax. The next payment for most people is 7th May, and we will be sending payment notices next month. Please talk to us if you think you should estimate.
- Unable to pay your tax? – If you are unable to pay your tax, you can apply for an instalment arrangement, or (in severe circumstances) a write-off. Please ask us if you would like to discuss this.
Late filing and late payment penalties – It may be possible to have late filing and late payment penalties written off if you are unable to make a payment in full.
If you need to discuss any of this, or any other matter, please get in touch with us. We are here to help.
Disclaimer
The material on this website is for the benefit and information of clients. The items are in the nature of general comments only, and are not to be used, relied or acted upon without seeking further professional advice. Hounsell Accounting Limited accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice
