Update from MBS Advisors
We have officially entered Winter, and we are enjoying the current rain.
We are moving quickly from pandemic crisis to recovery and we hope for level 1 conditions early next week.
The business environment is changing and we have some key updates for you.
Support for Small Business The Application date for Small Business Cashflow (Loan) Scheme (SBCS) that was introduced to support businesses closes on the 12 June 2020.
If you have received the Wages Subsidy, and now need extra assistance to cover operating costs in the short term, this could be an option for you.
Inland Revenue will administer the loan scheme. The maximum amount that can be loaned is $10,000, plus a further $1,800 per full-time-equivalent employee. The annual interest rate will be 3% beginning from the date of the loan being provided with a term up to five years. However, this loan will be Interest free if the loan is repaid within one year.
Applications are to be completed via your MYIR login on the Inland Revenue website and close 12 June 2020 inclusive, give us a call if you would like to discuss this loan further or follow the below link.
Wage Subsidy Extension A Wage Subsidy Extension payment is going to be available to support employers, including sole traders, who are still significantly impacted by COVID-19 after the original Wage Subsidy ends. The Wage Subsidy Extension will be available from 10 June 2020 up until 1 September 2020. You'll need to agree to certain obligations & criteria and this will be available over the coming week in more detail. We can assist with gathering the information that is required, please don’t hesitate in giving us a call.
Employment matters sorted? Have you sorted your employment agreements for the new farming season?
If not, give us a call and we can assist to ensure you are compliant.
Has COVID-19 changed the terms of your employees working environment? Some changes may need to be updated within individual employment agreements.
Give us a call if you need further assistance in this area.
On The Farm Gypsy day has been and gone marking the end of the farming calendar. We hope things went smoothly for those who have shifted. If you have changed address please let us know.
Herd Scheme values have now been released by the Inland Revenue and are largely unchanged, with Mixed Aged Cows valued at $1,525 vs $1,513 last year. Please also remember to complete your questionnaire including livestock figures for end of year reconciliation purposes.
Please call our office if you would like to discuss re-estimates of provisional tax, we are also considering income equalisation for a number of clients in certain circumstances.
And lastly ........ cheques are being phased out Do you pay your bills by Cheque? If you are a BNZ customer you may have already been advised that by July 2021 cheques will be no more. ANZ & ASB are following suit and have expressed that they too will be phasing out cheques, but are still working on their timelines.
For us here at MBS Advisors, it will mean that we will no longer be able to accept your cheques from July next year as a form of payment for fees. We do however have plenty of other options available; Eftpos, Credit Card or Direct Debit.
If you are one of our clients that pays all your monthly accounts by cheque, give us a call and see how we can help.
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