CLIENT NEWSLETTER – COVID-19 UPDATE

 

On Thursday 14 May 2020 NZ will move to Alert level 2. With this change many of you will be able to re open for business if you haven't already under Level 3 and reunite with friends and family, albeit it in small safe groups. It is the beginning of the road to our economy recovering which we will all play a part in whether we are a large or small businesses.


An update about McIsaacs

Our physical office in Takapuna will be open from Thursday 14 May 2020.   This means you can now courier us your records and make appointments to meet with us.

We have been busy getting our office ready developing Covid -19 related health and safety policies to keep us and our visitors safe.   When you visit our office you will be required to enter your details into our contact tracing form and we will guide you at the time to ensure we are both safe and practicing social distancing. 

Our team for the time being are now split into two groups to enable us to rotate our days in the office to reduce our risk should any one of us contract Covid-19. Therefore each day there will be a team of accountants in the office and some will be working from home. Please continue to communicate with the accountant who  you normally deal with.

All of our team contact details can be found on our website click here……

Carry back of tax losses 

Ordinarily, if a taxpayer incurs a tax loss within a particular year, they are able to carry that loss forward and offset it against income derived in a future year, thereby reducing the taxpayer's future tax payable. As part of the Government's Covid-19 response, on 30 April 2020 legislation was passed under urgency which allows tax losses to be offset against income derived in a previous year......Click here to read more

Small Business Cashflow (Loan) Scheme (SBCS)

The Government announced a Small Business Cashflow Scheme (SBCS) to support businesses struggling because of loss of actual forecast revenue as a result of Covid-19. The scheme is administered by the IRD.  The businesses must have 50 or fewer full time equivalent employees. Applications are open from 12 May 2020 to 12 June 2020 inclusive........ Click here to read more......

Use of Money Interest (UOMI) Remission

Many of you would have seen media releases stating IRD can remit use of money interest and then some back peddling. Therefore we thought it would be best to clarify the eligibility and some of the specific wording IRD have used to ensure if you are relying on interest remission you have your ducks lined up to avoid disappointment....... Click here to read more......

Trading stock valuations as at 31 March 2020

If you were unable to under take your stock valuation as at 31 March 2020 due to the lock down, IRD will allow a late 2020 stock take, provided it is carried out as soon as practicable and no later than 31 May 2020.......Click here to read more....


Greater Flexibility in respect of statutory tax deadlines

An amendment will introduce a discretionary power into the Tax Administration Act 1994 to allow IRD to provide an extension to due dates and time frames, or to modify procedural requirements set out in the Revenue Acts. IRD will be given greater flexibility to modify.......Click here to read more.....


ACC payment plans and CoverPlus Extra invoices delayed

ACC are also doing their bit to help businesses affected by Covid -19.  ACC have delayed their CoverPlus Extra invoicing for three months.  During this time CoverPlus Extra payment plans will be paused and they will not seek payment for outstanding balances while customers can be rest assured they will be covered at their agreed amount.......Click here to read more.....


Business Advisory Fund

The Government allocated  funding to the Regional Business Partner Network (RBPN) to support NZ businesses and service providers during the Covid -19 pandemic.  Small and medium sized businesses may qualify for funding to help pay for advisory services to support.....Click here to read more.....


Please continue to stay safe everyone.

All the best from the team at McIsaacs.

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Please note: The above E-newsletter notes and the related articles on our website are of a general nature and therefore we urge clients who may be affected by these changes to contact us to discuss your specific circumstances before making any changes or drawing any conclusions.

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Get in contact

  • Takapuna Office

    Ground Floor, Takapuna Finance Centre
    159 Hurstmere Road
    P O Box 331 626
    Takapuna, Auckland

    Phone +64 9 414 4050
    Fax +64 9 447 1645
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