There’s a lot of information out there. Give us a call to talk through what this means for you and your business and look at how we can help you. There is no charge to talk things through. Our team is working remotely and available by phone, email or online video call. Call your Client Advisor or Client Manager on their Direct Dial - you can find their numbers here
If your business has suffered or is projected to suffer at least a 30% decline in revenue compared to last year for any month between January 2020 and June 2020, we can make an application for targeted wage subsidies. If you need help with this, call your Client Advisor or Client Manager.
We have an expert team that can assist you with the implications of COVID-19 including the rules around all types of leave and self-isolation, including where your staff have to take time off to look after sick relatives. We can also help with any changes to employment agreements and restructuring.
Get in touch with our experts Vanessa White or Nick Hume.
Managing cash, forecasting, discussions with your financiers, restructuring debt and other business costs should be something that businesses look at. We can also review other smart options for streamlining operations including the use of technology.
Banks are working with clients around deferral of loan payments, interest only or providing temporary overdraft facilities. It’s really important that you engage with your Client Advisor and start thinking strategically about how business is going to look moving forward and what the new normal may be.
The Government and the Banks have put together the Business Finance Guarantee Scheme which is provided to businesses for urgent liquidity and bridging finance. It allows businesses to borrow between $50,000-$500,000 depending on circumstances and applies to firms with turnover of between $250,000 and $80m per annum.
Loans are for a maximum for three years at between 4-5%. The Government carries 80% of the credit risk and the bank the other 20%. There is a rigid set of criteria and is specific to individual circumstances.
Funding is applied on first come first served basis and there is a cap, so it’s important to get in quick on this one. Get in touch with your Client Advisor and your Bank as soon as possible to discuss if this is right for you.
For more information on the Business Funding Guarantee Scheme and to see if you are eligible, CLICK HERE.
The feedback we've received from the IRD is that we still need to file your returns (including GST and PAYE) at Inland Revenue as normal. This is helping the Government continue to respond to what is happening in the economy.
Inland Revenue will look to write off penalties and interest for businesses unable to pay taxes on time due to the impact of COVID-19. Contact your Client Manager to discuss and they can work with the IRD around this.
If you need to get in contact with the IRD, make every effort to do so online – they are naturally experiencing high call volumes at present with long wait times.
Please note, Inland Revenue are no longer accepting cheques. This may impact some of you if you are unable to go to Westpac to pay over the counter. Internet banking and using myIR are the easiest ways to make payments to the IRD. If you are having trouble making payments, please contact your Client Manager for assistance.
For more information on ways to pay your tax CLICK HERE
The Employer Wage Subsidy scheme has paid out more than $6.6 billion since its inception. If your business has suffered or is projected to suffer at least a 30% decline in revenue compared to last year, for any month between January 2020 and June 2020, you can apply for targeted wage subsidies. Applications are currently taking longer to process due to the number of applications the department are receiving. Rest assured payments are being made as quickly as they can.
For further information on the wage subsidy or if you wish to apply, CLICK HERE. Alternatively contact your Client Manager who can help you.
If you are an essential service and you have essential workers that need to take leave due to COVID-19 health guidance, then you could be eligible for the Essential Workers Leave Payment Scheme.
This scheme offers the same rates as the Wage Subsidy Scheme of $585.80 per week for full-time workers and $350 per week for part time employers.
For more information, CLICK HERE
To check out the Essential Workers Leave Support application form, CLICK HERE
If you have staff and your employee is working on a Public Holiday, you need to pay for the public holiday as you normally would – time and a half for all hours worked, plus credit an alternative holiday.
If your employee is not working on the Public Holiday, pay them what they would have otherwise earned on that day if not for the Public Holiday. If you have agreed a new rate with your employees during the lockdown (e.g. 80% of normal wages) this is the amount you will pay your employee for the Public Holiday.
If you are currently only able to pay the Wage Subsidy amount to your employees, the Public Holiday does not change this.
If you have any questions or would like further clarification on your payment obligations during the COVID-19 lockdown, please get in contact with your Client Manager.