Covid-19 Help Still Available from Government

Here is the link to what is currently available:

https://www.business.govt.nz/covid-19/financial-support-for-businesses/

This includes some help that is immediately available in the tax area:

  • It might be a good time to upgrade your laptop or PC because assets costing up the $5,000 can be fully expensed for tax if bought now and before 16th March 2021. (From 17th March the write off reverts to $1,000 and assets over this value can be depreciated in the usual way.)
  • Provisional tax has been eased so that it now only applies to people who have residual income tax exceeding $5,000 in the previous year’s tax return.
  • If you have commercial or industrial buildings you can once again claim tax depreciation on these from 1st April 2020 onwards.
  • Losses traditionally were always carried forwards – now there are ways to carry these back to access some tax refunds.

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