COVID-19 GOVT RELIEF PACKAGES

In a bid to protect the Kiwi economy against one of the most significant threats to business in recent times, the government has launched a stimulus package that includes wage subsidies, business tax breaks, money for low-income families, healthcare support, and more.

Look to this WINZ link for the full details of the wages subsidies that can be claimed to help you retain your staff in these difficult times

https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html

Where businesses can demonstrate that their revenue is down by at least 30% (this might be demonstrated by a month on month comparison with last year's results or a decline in your sales over the past few months), then you may be entitled to a subsidy of $585 per week, per full time employee, up to a maximum of 21 employees. The total subsidy is paid out in one lump sum based on financial support for a 12 week period. You must have demonstrated active steps to mitigate the impact of Covid-19, such as working with your bank. 

Likewise if staff are taking leave to self-isolate, a leave subsidy payment can be claimed and passed onto your staff member.

While the forms to make claims are straight-forward and a payout quick, be prepared to account for audit of your records later.  There will only be so much money to go around!

We also welcome IRD's announcements of tax relief initiatives that in the longer term will assist businesses with cashflow issues, however these are yet to be legislated.  Some were expected in election campaigns but announced early, such as an increase in the provisional tax threshold to $5000 and an increase for low value assets.

https://www.ird.govt.nz/Updates/News-Folder/tax-relief-coronavirus

https://covid19.govt.nz/

We are currently restricting meetings as much as possible.   Our Office will remain open if possible, however if we need to decamp to work from home the phones will be diverted, emails will be answered and we will make our best effort at normality, but we will appreciate your patience, its an incredibly busy time for us all.

OUR OFFICES

Watercare's new sewerage system will be dug outside our offices soon. Delays with ongoing traffic lights in Clevedon village are continuing to test our patience & parking is going to be a challenge for us in April & May. Best options if you are visiting the office will be to try to find a parking spot in the driveway between our office and the Co Op else park opposite us in Monument Road. Always welcome to drop off papers into the grey letterbox outside our office, we clear it regularly.

We are still planning to move into our new premises beside the Clevedon Woolshed, however there is still no word on the timing for this move, we're currently still in the hands of a council consent process!

FINANCIAL YEAR-END is upon us!

a few brief reminders:

Please count your stock to ensure you can provide us with an updated Stock valuation at 31 March

Prepare a list of your debtors and creditors at year-end - the easiest time to do this is early April when you are sending out or receiving your statements. If you have exhausted all avenues to collect any old debts, to be able to claim these as 'bad debts' they need to be physically written off in your system In this month. 

Our annual business and tax questionaires are available to download at anytime in the Forms folders in our website. FORMS  we are always happy to email or post you copies if you prefer, just please email us your request. 

TAX DATES

Taxes are payable soon - 7 April terminal tax and 7 May final provision tax instalments - these notices will be emailed out at the beginning of April.  Instalment arrangements can be made prior to the due date.

IRD have now stopped accepting any cheques.   We do not support IRD's new policy as it is creating difficulties for our clients who do not have computers, & are unable to use internet banking.  Westpac bank will accept payments for IRD.

You now need a myIR login to IRD.   They will email or txt you if any correspondence has been issued to you, but you will need to log into your myIR to receive it. 

Unfortunately we're seeing more spam emails purporting to be IRD and offering you tax refunds, for which you need to divulge your bank account. A reminder to Never be tempted to provide your personal information !

Employers 

Payday filing introduced by IRD last year has still left many confused.  You have 2 working days after the day you pay your staff to file details to IRD, or you risk a $250 fine.   Payment of your PAYE owing remains payable on the 20th of the following month. Both returns filed and the total PAYE payable can be viewed in your myIR login.   IRD are taking up to 2 weeks to show your payments, so don't stress if you can't see your 20th of month payment allocated immediately.

THANKS!

Finally a message of thanks from us - we do appreciate your patience!  Over the past few months our Myob accounting system has been converting their software platform. We've been training and migrating our systems, which is an ongoing & at times challenging process! This includes the Banklink feeds of your bank transactions being converted into essentials, so you may notice a different look to the reports we're sending out.

Any queries, comments, or suggestions please don't hesitate to contact us  at any time. We'd love to hear from you!

Kind Regards

Diane, Sandra & Susanne
Diane Myers Chartered Accountant Limited 
www.myersca.co.nz