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RESURGENCE SUPPORT PAYMENT

Get your applications in:

You have until 12 April 2021 to apply for a Resurgence Support Payment if your business was impacted by the alert level change on 28 February. 

Applications have now closed for payments relating to the alert level change on 15 February.

https://www.ird.govt.nz/covid-19/business-and-organisations/resurgence-support-payment/apply

MINIMUM WAGE INCREASES ON 1 APRIL 2021

The adult minimum wage is increasing to $20 an hour from $18.90 an hour on 1 April 2021. The starting-out and training minimum wage rates will also increase, from $15.12 to $16.00 per hour.

Employment New Zealand publishes up-to-date minimum wage rates on its website. Find out more below:

https://www.employment.govt.nz/hours-and-wages/pay/minimum-wage/minimum-wage-rates/

GIVE YOUR BUSINESS A DIGITAL BOOST

Join the thousands of Kiwi businesses who are taking up free online Digital Boost courses to help them do business smarter. Check out this link to find out more:

RESURGENCE SUPPORT PAYMENTS

New round of Resurgence Support Payments

Applications open on 8 March 2021 for a new round of Resurgence Support Payments for eligible businesses affected by the current alert level change.

Applications for businesses that were impacted by the change in alert levels from 14-21 February, are open and will close on 22 March 2021.

The payments are not a loan and don't need to be paid back. Check the link below.....

LANDLORDS: MORE TENANCY LAW CHANGES

Recent changes to tenancy laws affect:

• how you can end a tenancy

• rent bidding and how you advertise your property

• tenants' right to make changes to your rental

https://www.business.govt.nz/news/landlords-more-tenancy-law-changes

NEW COVID-19 SUPPORT PAYMENT

If you're a business or organisation that experienced a revenue drop of at least 30% due to the recent rise in COVID-19 alert levels, you may be eligible for a Resurgence Support Payment. It's not a loan and doesn't need to be paid back.

Check it out below.....

COVID-19: FINANCIAL SUPPORT

COVID-19: Financial support

See what government support you can get. Examples include:

• paid leave while you or staff wait for COVID-19 test results

• tax payment options

• wage subsidy if alert levels change

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


Contact tracing: QR posters and the tracer app
A reminder that your customers scanning in may be the difference between changing Alert Levels. Make sure you display your QR codes prominently and make them easy to find and use!


LOW-VALUE ASSETS THRESHOLD CHANGING AGAIN

A reminder for people operating a Business that the Low-value asset threshold changes again on 16th March 2021

Low-value asset threshold for depreciation

The Government has recently passed legislation that temporarily increases the low-value asset threshold for depreciation from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the year they purchased them. This is instead of having to spread the cost over the life of the asset.

The low-value threshold will be raised further to allow the immediate expensing of assets purchased on or after 17 March 2020 that cost less than $5,000.

The Government is only raising the threshold for a short time until 16 March 2021. They're doing this so you and other business people keep investing in their businesses throughout the COVID-19 outbreak.

For assets purchased on or after 17 March 2021, this threshold will be permanently increased from $500 to $1,000.

SMALL BUSINESS CASHFLOW (LOAN)

New eligibility for the Small Business Cashflow (Loan) Scheme now in effect

Businesses applying for the Small Business Cashflow (Loan) Scheme SBCS, can now apply using new criteria which took effect on Thursday 28 January 2021.

The changes to criteria cover 4 areas:
1. The date that a business or organisation was established.
2. The decline in revenue test.
3. Employee number test.
4. Ability to borrow more than once.

The criteria changes were announced by the Government late last year, to align with the application period which had earlier been extended to the end of 2023.

When announced, it was signalled these changes would take effect early February, but IRD have been able to implement them earlier, so eligible businesses and organisations are able to apply for the loan under the new criteria sooner.

More information about the changes to the eligibility criteria and SBCS in general can be found at https://www.ird.govt.nz/covid-19/business-and-organisations/small-business-cash-flow-loan