We are going to be in this state of ‘shutdown’ for at least 3 more weeks, possibly longer. As the dust is starting to settle, here are some sources of information and resources well worth looking at:
The wage subsidy: there are still a number of businesses that haven’t applied for the wage subsidy. If you’re not sure if you qualify or if you want to apply, head along to https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html#null
There is still much confusion about what constitutes an essential business and what those businesses need to do. Read here to find out the details: https://covid19.govt.nz/government-actions/covid-19-alert-level/essential-businesses/?utm_source=business.govt.nz&utm_medium=newsletter&utm_campaign=special_cv_edition
On that note, for factual based information on the wider Covid-19 situation, here is the link to the official site: https://covid19.govt.nz/
IRD have signaled some tax relief but are still to confirm exactly what it is, or more importantly how it will work. Check here for the general details: https://www.ird.govt.nz/covid-19. Many businesses and individuals will have tax to pay over the next little while. If this is going to be an issue for you, this is where IRD are providing info: https://www.ird.govt.nz/covid-19/tax-relief/difficulty-paying-tax. If you’re a provisional tax payer and your income is going to change significantly, you might be able to change the amount of provisional tax payable, BUT you should talk to your tax agent/accountant before making any changes, as there can be unintended consequences. If you want to learn more about provisional tax, check out this link: https://www.ird.govt.nz/covid-19/tax-relief/provisional-tax
Want to know about protecting yourself and your team from Covid-19? Check out The World Health Organisation https://www.who.int/emergencies/diseases/novel-coronavirus-2019/advice-for-public – although do note, the guidance in NZ is to keep 2 meters of distance. They do have some good, downloadable resources, including some that will be applicable for essential businesses. If you are an essential business, it’s worth looking at is https://www.health.govt.nz/our-work/diseases-and-conditions/covid-19-novel-coronavirus
More pressing concerns about Covid-19 and need to talk to someone? Call Healthline on 0800 358 5453
No two ways about it, cash is going to be a bit tight for most businesses. While it might feel like an “ambulance at the bottom of a cliff” move, if you don’t already have a clear understanding of your business’s cashflow, time to start now. Here is a good place to learn more: https://www.inc.com/guides/start_biz/20675.html, even if you’re an expert, now might be a good time for a review.