COVID-19

Increasing tax on high earners - effective policy or electioneering?

September 11, 2020
This week Finance Minister Grant Robertson made headlines with the announcement of the Labour Party’s 2020 Election tax policy. The key point in this policy is the reintroduction of a 39% top personal tax rate. This will apply from 1 April 2021 to those earning over $180,000 per year. We ask what this proposal is likely to achieve if (when) it is implemented. 

The good news for Airbnb owners

August 19, 2020
The tourism sector has been hard hit by COVID-19, and owners of Airbnb’s and other short-term accommodation are no exception.  While it is true that no GST needs to be accounted for on the residential rental income received, there is a larger concern, being the deemed cessation of the person’s GST taxable activity. Where a person ceases their GST activity (that is, they won’t be making any GST taxable sales or supplies for the foreseeable future) there is a deemed disposal at market value of all the assets used in the taxable activity. 

Budget 2020: Rebuilding Together

May 15, 2020
Nexia NZ's Tax Director, Maggie Jaques, outlines and explains the Rebuilding Together Budget released on 14 May 2020.

Latest update from Inland Revenue

May 11, 2020
Inland Revenue provides further guidance on Small Business Cashflow (loan) Scheme, as well as phone delays and changes to Use of Money Interest rates.

Nexia NZ: Supporting our clients through COVID-19

May 5, 2020
The team at Nexia NZ are working hard to support our clients through COVID-19. The nature and depth of the COVID-19 crisis is unprecedented in our lifetime, and the Government response to support business has equally been wide ranging. We have outlined below some of the ways we are working with our clients to ensure the viability of their businesses.

Government boosts cashflow support for small businesses

May 4, 2020
The NZ Government continues to roll out initiatives to support business through COVID-19. In addition to the tax changes, wage subsidy and consultancy support already available, last week the Government announced their Small Business Cashflow (loan) Scheme. This significant initiative will aid small to medium sized businesses who require a much needed cashflow injection.

COVID-19: Employer Guidance

April 23, 2020
The Government has announced various relief measures in recent weeks to assist businesses affected by the impact of the Covid-19 virus. The uncertain nature of the current situation has resulted in business conditions that are constantly and rapidly changing.

Further Government support measures announced

April 16, 2020
On 15 April, the New Zealand Government announced further business support measures, largely aimed at SME’s. Read our summary of the proposed changes.

Worried about your creditors?

April 14, 2020
Finance Minister, Grant Robertson has made a plea to businesses “to continue to pay their bills to one another. It is very important that businesses that are in a position to do so, continue to pay other businesses, particularly larger business paying smaller businesses. This ensures money continues to flow around the economy and ensure that businesses can remain solvent”. If you are struggling to prioritise your debts, our advice is to have a strategy in place. Make sure it’s clear how you will manage your debtors, you need to decide what is most important to your business in this unprecedented and difficult time.

Insolvency relief for business impacted by COVID-19

April 9, 2020
On 3 April 2020, Finance Minister Grant Roberston, and Consumer Affairs Minister Kris Faafoi, announced changes to legislation that will support businesses through the COVID-19 pandemic. For some businesses, the impact of COVID-19 will still lead to liquidation. However, with these changes, it is hoped that others may be able to weather the storm and still be able to continue to trade on the other side.
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