p

Coronavirus Alert:

Avoid NZ travel restrictions. We can assist with everything you need to establish a New Zealand business without leaving Australia. Call us now on 1300 791 600

Coronavirus Assistance: New Zealand Government To Relax Insolvency Rules For Companies

Coronavirus Assistance: New Zealand Government To Relax Insolvency Rules For Companies

The New Zealand government is introducing legislation, similar to that recently introduced in Australia, with regard to companies who are struggling to maintain solvency as a result of the coronavirus outbreak.

The intent is to allow companies to place their current debt into a form of hibernation and to provide directors with a “safe harbour” that will protect them against action by creditors.

New Zealand Government Updates Wage Subsidy Conditions

New Zealand Government Updates Wage Subsidy Conditions

If you have been reading our blog you will be aware of the wage subsidies that have been available to New Zealand businesses (including Australian -controlled companies) who have been impacted by the coronavirus update.

The conditions on current and future applications have now been modified to ensure the spirit of the wage subsidy is understood and adhered to.

Coronavirus Assistance –  Inland Revenue Updates Information On Tax Deferrals

Coronavirus Assistance – Inland Revenue Updates Information On Tax Deferrals

We mentioned back in February about how Inland Revenue were allowing businesses impacted by the Coronavirus outbreak to defer payment of a range of taxes.

The deferral covers all taxes including New Zealand GST, PAYE (employer) withholdings and income tax and relates to all payments due after 14 February 2020.

However, it is important to note that you still need to FILE all tax returns by the due date.

New Zealand Tax Treatment For NZ Wage Subsidies

New Zealand Tax Treatment For NZ Wage Subsidies

As part of the business stimulus package for New Zealand businesses we have previously advised that wage subsidies of up to $585 are available for full-time workers working more than 20 hours per week and $385 per week for part-time workers working less than 20 hours per week.

But how do you treat them in your accounting system and what about tax?

Is Your New  Zealand Business Impacted By The Lockdown?

Is Your New Zealand Business Impacted By The Lockdown?

The New Zealand government has released a list of what it considers to be “Essential Business” and therefore exempt from the lockdown.

Here is a list of essential services that can operate during the Coronavirus lockdowns:

Business As Usual At NZTax.com.au

As the impact of the Coronavirus continues to evolve in a way we simply couldn’t have predicted just a few short weeks ago, we wanted to reach out to update you on how we are responding to these new challenges at NZTax.com.au.

We are hearing from our clients that they need us more than ever to keep them updated on the New Zealand business environment, to keep them abreast of assistance and to help them do what needs to be done to get it.

New Zealand Goes Into Complete Lockdown For 4 Weeks

New Zealand Goes Into Complete Lockdown For 4 Weeks

Prime Minister Jacinda Ardern has announced that New Zealand will be in full lockdown for a period of 4 weeks.

New Zealand has expanded its wage subsidy by removing the cap of $150,000 for businesses. Previously that cap meant that only businesses with up to 21 employees will be covered.