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