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LETS GET DOWN TO BUSINESS.

Question :
Kia OraWe use an accountant only for our end of year book preparation but I am feeling way out of my comfort zone with understanding the new tax relief options provided by the government. I know the government have provided funding to access this info free for small businesses like ours but don’t know where to get it from. Can you please help?

Question submitted 22/04/20 @ 10:08pm
Industry: Funding & Finance
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  • Hi, I expect you’re referring to the Regional Business Partner Network http://www.regionalbusinesspartners.co.nz

    RBPs have been given additional government funds to support businesses through COVID-19 which will in effect enable businesses to receive advice at no cost (up to a $ limit) on the following areas:
    HR
    Health and Wellness
    Business Continuity Planning
    Finance and Cashflow Management

    You need to register on the website and your local RBP will contact you and connect you with an adviser. The website also contains links to various other agencies that may assist and you may also want to contact your local Chamber of Commerce

    In the meantime, Manaaki is of course here to help, and for small businesses I’d summarise the new tax relief options as follows:
    potential remission of penalties and interest on the late payment of tax debts due to financial hardship arising from COVID-19;
    immediate tax deduction for assets costing under $5,000; and
    ability to carry-back FY20 tax losses to FY19; or carry-back forecast FY21 tax losses to FY20 or FY19 (and receive a refund of prior year tax).

    Best wishes

    Kia ora!

    I own the Chartered Accounting firm, WE Accounting and we are approved providers for the Regional Business Partners Network. We are happy to chat with you and help you with the application process to see if you are eligible for the grant. Reach out to me at wyndi.tagi@weaccounting.co.nz.

    You can also check my team out on fb or our website.

    Kia pai to rā,
    Wyndi

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