COVID-19 Financial support for affected businesses

Financial support to Employer, employee and sole traders

In response to COVID-19 the government is acting to support the economy. The $12.1 billion package includes:

– leave and self-isolation support

– a wage subsidy scheme

– business cash flow and tax measures.

Businesses are eligible if they can show a 30% decline in revenue, attributable to COVID-19 Read full article here external link

Financial support application link for self- employed and Sole Traders 

Financial support application link for Employers

Government helpline 0800 779 997 (8am–1am, 7 days a week).

COVID-19 Tax Relief measures

The Government has announced it will introduce legislation for four more tax changes to help businesses given the impact of COVID-19. They are:

– to increase the provisional tax threshold from $2,500 to $5,000

– to increase the small asset depreciation threshold from $500 to $1,000 – and to $5,000 for the 2020/21 tax year

– to allow depreciation on commercial and industrial buildings.

– removing the hours test from the In-Work Tax Credit from 1 July 2020