'Cash is king' is an oldie but a goodie. If you're in business it's fundamental. Here are six tips to keep your cashflow and business healthy.

A summary of the financial support available to help you, your business and employees through the response to COVID-19, click on the button below.

 

IRD -  Difficulty in Paying Tax

If you’re unable to pay your taxes on time due to the impact of COVID-19, or you think you will have a problem paying it, we may be able to help.

If you'd like to break down your payments, it may be possible to set up an instalment arrangement .

 

You may also apply for a write-off due to serious hardship if you know you won't be able to pay the full amount. If the IRD grant relief from payment due to hardship and you have losses to carry forward, these losses will be reduced in proportion to the amount written off. 

 

As always its imperative you deal  with these issues earlier rather than last minute !

 

Please contact  Trish, Brian, Amy or Shirley at the earliest opportunity so we can  discuss this with you

 

Provisional tax is like paying progress payments on next year’s income tax. Be aware of the rules that can lower compliance costs for small businesses. Talk to us about your tax plan.

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What is CoverPlus Extra (CPX)?

 CPX is an optional cover product that allows you to choose how much of your income you want to be covered if you have an accident and can’t work. It is especially suited to those who:  

have fluctuating income, either yearly or seasonal as you’ll know exactly how much we’ll pay 

want to apply for more or less cover than your actual income 

are newly self-employed with no earnings history and want assurances around your cover. 

Benefits include:  

your levy invoices are predictable as we calculate them by using the cover amount agreed with us. So, no surprises at invoice time  

like our standard cover, the injury that leads to time off work doesn’t have to be work-related. CPX covers injuries that happen anywhere, eg at home, on the road, during sports, etc  

more control over how much you pay in levies as you can choose to pay a lower levy in return for lower weekly compensation or a higher levy and receive higher weekly compensation.  

CoverPlus Extra options  Full compensation  

With this option we’ll pay 100% of the agreed cover minus tax, divided into weekly payments until you can get back to full-time work. This provides greater flexibility and certainty. For example, if your cover is for $52,000 per year, we’ll pay 100% of that amount each week, which is $1,000 before tax.  

Lower levels of weekly compensation (LLWC)  

In return for a slightly lower levy, this option provides weekly compensation payments which reduce when returning to part-time work. For example, if your cover is $52,000 per year, we’ll pay 100% of this (before tax) until you start working part-time. If you return to work for 50% of your normal working hours, your compensation will reduce by 50%. The compensation stops when working at least 30 hours per week. 

 

You can apply for cover for any amount of income between $29,453 and $104,729. Certain amounts may require approval.  

If you're not sure what level of cover works best, we recommend you

Call one of us

Trish, Brian, Amy, Shirley 

 

Inflation is hitting hard – what does it mean for your business? The downsides, a couple of potential positives, and how to get in touch to figure out how much you should raise your prices.

Ticking items off your end-of-year tax checklist this month?

Make sure you consider the business support and tax relief measures introduced because of COVID-19.

If your business received resurgence support payments, it’s important to understand the tax implications and your obligations under the scheme. Have your records in order for the 2022 tax year.

You may be able to claim a tax deduction if you are able to write off bad debts. Find out what you need to do.