COVID-19 Wage Subsidy Extension- from 10 June 2020
May 22, 2020
From the 10th of June businesses can apply for the Wage Sudsidy extension.
The Criteria has changed from the initial 12 week one;
Your Revenue for the last 30 days must be 50% lower than the same period last year ie 10th of May 2020 to 10th Jun 2020 compared ...
COVID-19 Small Business Cashflow Loans
May 21, 2020
What is it?
The Small Business Cashflow (Loan) Scheme (SBCS) has been introduced to support businesses and organisations struggling because of loss of actual or predicted revenue as a result of COVID-19. They must have 50 or fewer full-time-equivalent employees.Inland Revenue will admin...
COVID-19 – Tax loss continuity example
May 22, 2020
Currently, if more than 33% of the shareholding changes the losses of a company are forfeited, what is being proposed is that this is reduced or removed for equity changes. Here is an example provided;
A start-up firm, Conference in the Clouds Limited (CIC) offers microphone...
COVID-19 – Loss carry-back scheme
May 22, 2020
If your business was making a profit the in 2019/20 (2018/19) and now you are forecasting a loss in the 2020/21 (2019/20) year you can “move” some/all of that loss into the previous year and reduce the tax that you paid for this year and get it refunded. Here is an examp...