25 Mar Covid-19: Day 1 of Lockdown
Welcome to day number 1 of the lockdown. As we get used to this new, temporary way of life, here is some important stuff for businesses:
If you haven’t done so already…
If you qualify and haven’t yet applied for the wage subsidy or if you’re not sure you qualify, click here – it has the information you need. If you qualify: apply. There is starting to be a bit of a backlog building so it may take a little longer to receive your payment, but don’t panic, so far it has gone remarkably smoothly!
IRD’s announcement about tax payments
IRD have announced their position on interest and penalties, it is:
If your business is unable to pay its taxes on time due to the impact of COVID-19, we understand, you don’t need to contact us right now.
Get in touch with us when you can, and we’ll write-off any penalties and interest.
It would help if you continue to file however, as the information isused to make correct payments to people, and to help the Government continue respond to what is happening in the economy.
And yes, the typos are verbatim.
It’s what they don’t say in this media release that is important. Dig a little deeper and the moment, this applies to tax that was due on or after the 14th of Feb, so if you have tax that was due prior to this, it isn’t included. More importantly, in the fine print is this line: “we may agree to write-off UOMI (use of money interest) at our discretion”. This means that IRD considers it their call, rather than something that you or your business is eligible to as a right.
If you think was IRD has come out with sounds a little underwhelming, you’re probably not alone. Don’t shoot the messenger…
This is the time that online scammers pounce
As we are all adjusting to a new type of normal and our systems and processes are bedding in, we are easier prey for online scammers. We are tired, stressed and communicating in new ways, these predators are exploiting this.
Read more about this on RNZ here.
The simplest advice is this: if something feels even a tiny bit off, stop what you’re doing and come up with a way to verify that it’s legit.
The most important thing you can do
This is new territory, a moving feast. We will be doing our level best to keep you updated with financial developments as they arise. But the most important thing you can do right now is this; look after yourself and those around you.
Until next time
