The New Zealand government is attempting to make changes to reduce the debt that it has incurred in its efforts to stabilize the economy during COVID. The Labour party announced a new top tax rate (39%) which would apply to those earning over $180,000 – this would bring in 550 million dollars each year. However,…
Individuals may choose to apply to withdraw money from their fund if they are suffering significant financial hardship. To qualify as suffering significant financial hardship, one or more of the following criteria needs to be met as per the official government website: Cannot meet minimum living expenses Cannot pay the mortgage on the home you…
The IRD has introduced a temporary loss carry-back scheme to provide financial support to businesses expecting to make a loss in the 2020 or 2021 income years. Under the temporary loss carry-back scheme, businesses can carry losses made in 2020 (or predicted to make in 2021) back to the preceding income year to offset them…
In response to continuing financially uncertain times for small businesses, the Government has extended the Small Business Cash-flow (loan) Scheme (SBCS) to the end of 2020. Applications for the Scheme opened on 12 May 2020 and can now be submitted up to and including 31 December 2020. What is the SBCS? The SBCS was introduced…
The Government is making changes to NZ Super and Veteran’s Pension with the aim of modernising superannuation in New Zealand. The scheme originally planned to come into effect on 1 July 2020 as an outcome of the 2019 budget, but has been delayed to 9 November 2020 as a result of shifting focus to supporting…