Our philosophy: Be kind, be resourceful, be resilient. Let’s all help each other….
Day 5: We hope you’re doing ok! We’ve all settled into our new offices, and we’re having a virtual meeting over coffee each day. So far so goodJ
Thanks for the queries and the feedback. While we’ve been trying to keep up with the changing scene, (this can be a bit frustrating), I can’t help but be very grateful that we live in this country. Our government has acted decisively. There are many other countries, some distant, & others not-so-distant, where confusion over how to approach the containment of COVID19 still reigns. The people are frustrated, confused, and scared. We have clarity on how we’re handling the epidemic, which is reassuring.
Changes:
The government made changes to the wage & leave subsidies on Friday afternoon. Visit the website to familiarise yourself with the current situation:
https://www.business.govt.nz/news/covid-19-latest-news-and-updates
Essentially, the wage and the Covid19 leave subsidies have now been consolidated into 1 subsidy. The new conditions apply from Friday afternoon. If you applied prior to Friday afternoon, the original application conditions still apply.
The website includes case studies of various employment situations. These may be helpful for you. We suggest you read them to understand various employment scenarios & payment options.
Audit:
- An audit process is being developed to ensure that businesses who apply are eligible for the subsidies being paid out. Be aware that if your business doesn’t meet the criteria, you will be asked to pay the funds back.
- Be aware that the subsidy MUST be used to pay wages. If you use the funds to pay other business bills, you will be deemed to be committing fraud. Our advice is to hold the subsidy funds in a separate bank account. Transfer the $$ amount applied from the fund on each payday into your operating account prior to paying wages. This way you can be sure that your funds are not being used to pay other operating costs.
Borrowing:
- Before you draw a new loan to support your business, please call Prue: 027 5055 618 to discuss
Tax Payments:
- 7th April tax payments: we understand the IRD will be ‘understanding’ if you’re unable to make your tax payment on the due date. We have been advised that late payment penalties, and use of money interest charges will be waived if your business has been affected by Covid19. Be aware that the tax still must be paid at a later date. If you know that you won’t be able to pay, please email Kaley: kaley@prueanderson.co.nz and we will advise the IRD that it will be paid at a later date.
Our Invoices:
- Our invoices are generated automatically in Xero on the 1st day of every calendar month. If you’re going to have difficulty paying us in April, please email Sandy sandy@prueanderson.co.nz and she will call you to discuss your situation.
Call us if you need us. In the meantime, stay safe in your bubbles.