- August 03, 2020
Covid 19 Financial Relief
APPLYING FOR FINANCIAL ASSISTANCE
These are stressful times and, with racing shut down for at least the next four weeks, you may be wondering how you might cope financially.
The government’s COVID-19 package is designed to help employers and employees
navigate this period of uncertainty. You can find all the information you need here.
The COVID-19 Leave Payment is available for people who:
- need to self-isolate
- cannot work because they are sick with COVID-19
- cannot work because they are caring for dependents who are required to self-isolate, or who are sick with COVID-19.
Wage subsidies will be available for all employers that are significantly impacted by COVID-19 and are struggling to retain employees as a result. The scheme will be open to all businesses, including sole traders and the self-employed.
Wage subsidies will be available for businesses in all sectors and all regions that can show a 30% decline in revenue for any month between January and June 2020 compared to the year before (including projected revenue).
A further update to the wage subsidy scheme was announced on 23 March 2020. The subsidy now applies to all New Zealand employers, contractors, sole traders, self-employed people, registered charities and incorporated societies.
Business cash flow and tax measures include:
- increasing the provisional tax threshold from $2,500 to $5,000 from 2020/2021
- increasing the small asset depreciation threshold from $500 to $1,000 — and to $5,000 for the 2020/21 tax year
- allowing depreciation on commercial and industrial buildings from 2020/2021
- removing the hours test from the In-Work Tax Credit (IWTC) from 1 July 2020.
While it might seem daunting, the procedure for applying for subsidies is a simple process and the payments are made promptly.
At times like this it is important to look after yourself and take time out to consider your own health, physical and mental.
The government’s COVID-19 website has plenty of information regarding this, including the need to be aware of scams and misinformation. This page provides everything you need, including how to recognise the symptoms; caring for vulnerable people; and important mental health contacts.
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