Accounting Extra Ltd

Many people will have their first 2023 provisional tax instalment due today (29 August 2022). There may also be GST due for people who file odd month GST return (eg 31 March balance date people).

The double up of taxes can sometimes present cash flow problems.

If payment of these taxes is going to cause cashflow issues get in touch and we can discuss options. We can arrange the tax to be purchased through Tax Traders at a future date when you expect to have improved cashflow.

COVID-19 Level 3 Update:
Our office is closed. The team is working from home and can be contacted via email or our office phone number (07) 834 2216.

Our office will reopen with COVID-19 Delta level 2 protocols in place from Wednesday 8 September. Any clients that wish to drop off paperwork to the office can do so. Please give us a call first so that we can stagger appointments to maintain social distancing. We will be requiring all visitors to scan our QR code or sign in upon entering the office.

Initial Wage Subsidy Scheme applications close today.

Applications for the Government’s initial August 2021 Wage Subsidy Scheme close 11:59pm Thursday 2 September, after being open for a two-week period.

Applications for a second round of the Wage Subsidy Scheme open to eligible businesses and self-employed people at 9am Friday 3 September.

Eligible businesses and self-employed people who applied for the first Wage Subsidy Scheme can apply for the second Wage Subsidy Scheme no sooner than two weeks after their previous application. Work and Income will email these businesses to advise when they can apply for second Wage Subsidy Scheme. Early applications will not be accepted.

Those who didn’t apply for the first Wage Subsidy Scheme can apply for the second Wage Subsidy Scheme from 9:00am Friday 3 September, subject to meeting eligibility criteria.

For self-employed people, click on the following link:
https://www.workandincome.govt.nz/online-services/covid-19/apply-checklist-wage-subsidy-august-2021-self-employed.html

For employers, click on the following link:
https://www.workandincome.govt.nz/online-services/covid-19/apply-checklist-wage-subsidy-august-2021-employers.html

Please give us a call on 07 8342216 if you need any assistance with your subsidy applications.

Level 3 Update

As of Wednesday, all of New Zealand except Auckland and Northland, move into Alert Level 3.

Our office will remain closed under Alert Level 3 but our team will continue business as usual as we will still be working from our safe bubbles at home. Please do not hesitate to contact us via the office phone on 07 8342216 or through email if you need any assistance.

Thank you for your continued support!

If you would like to know what Level 3 means for your business, please have a read of the link below:

https://covid19.govt.nz/alert-levels-and-updates/alert-level-3/?fbclid=IwAR1jbOE_lDiVbIeItPdJacJWmV-RDv-LVbxMYcIjYciZ63O1Jp9JD9v4hZg -and-businesses

Alert Level 3 Alert Level 3 information on personal movement, exercise, education, work, business, travel and gatherings.

We hope you are all keeping safe and well during lockdown.

Below is some information and links for the financial support available from the Government during this August 2021 lockdown.

Wage Subsidy Scheme
Applications for the latest COVID-19 Wage Subsidy from WINZ open from 9am Friday 20 August 2021 for two weeks. Under the Wage Subsidy Scheme, businesses will be eligible for $600 per week per full-time employee and $359 per week per part-time employee. At this stage the Government have announced that businesses can apply for the subsidy (during a two week window) if they anticipate they will experience a 40% loss of revenue due to Alert Level 4 restrictions being in place. Other criteria are likely to apply.

https://www.workandincome.govt.nz/about-work-and-income/news/2021/wage-subsidy-august-2021-announced.html

Resurgence Support Payment (RSP)
Applications for the COVID-19 Resurgence Support Payment (RSP) from IRD open from 8am Tuesday 24 August 2021. The RSP is available for businesses that have experienced at least at 30% decrease in revenue. The RSP allows businesses to receive up to $1500, plus an extra $400 per employee up to a maximum of 50 full-time employees.

https://www.ird.govt.nz/covid-19/business-and-organisations/employing-staff/financial-support/resurgence-support-payment

Other Financial Support Available
You may also be eligible for other subsidies if you have employees that need to isolate or are awaiting COVID-19 test results and can’t work from home. Also, you may be eligible for the Small Business Cashflow Loan if you haven’t received it already. Also if you have repaid your first loan in full you may be able to apply for the loan a second time. Check out the link below for more information about other financial support available.

https://covid19.govt.nz/business-and-money/financial-support/financial-support-for-businesses/

Please read the eligibility criteria for each application carefully. If you are not sure if you are eligible, feel free to get in touch with us.

All of our team are working from home during lockdown. If you need any assistance during this time please call the office number on (07) 834 2216.

With the COVID announcement tonight, our office will be closed from Wednesday the 18th August 2021 until further Government announcements. The staff will be working from home, all emails and telephone calls will be answered as per usual.

Please all stay safe and fingers crossed everything will be back to normal soon.

Our office will be closed from 4pm this afternoon for the Easter Break. We will re-open Wednesday the 7th of April at 9am. We hope that you all have an enjoyable time over the Easter period.

With Saturday's announcement on Auckland heading into Level 3 and the rest of New Zealand heading into Level 2, the Government has released a list of financial support available for business affected by COVID-19. If the recent change has affected your business, please read the information on the link below or contact the office for further assistance.

Financial support for businesses Financial support schemes to help businesses and their employees in times of difficulty, to recover from the effects of COVID-19.

Are you currently thinking about buying additional tools/equipment for your business? Now is a good time to be doing that. In March 2020, IRD increased the low value asset threshold for depreciation from $500 to $5,000. In March 2021, IRD will be reducing the threshold down to $1,000. So this means, any asset purchased before the 16th March 2021 under $5,000, will be able to be treated as an expense instead of an asset.

For further information, please do not hesitate to contact us in the office or click on the IRD link below for more information:

Depreciation and low-value assets COVID-19 and help with depreciation on commercial buildings and the new low-value asset write-off thresholds.