We trust that you are all safe and well during this lockdown period.
Over the past week, there has been a lot of changes and we would like to keep you informed of the options available to date:
Kanu Jeram Chartered Accountant Limited
We have implement procedures to ensure that our staff all have access to our office server and hence all of the staff are working from their homes, albeit at a reduced capacity. The best way to contact us during this period is to email your accountant and copy Kanu into all emails. If you need to get hold of us urgently, you can still call us on the land line and this should be diverted to Kanu and/or Pam. If not, please leave a message and we will contact you as soon as possible.
Wage subsidy and wages
For all of you that are affected during this lockdown period, if you have not done so already, you are entitled to apply for the wage subsidy. In order to complete this application You will require your employees First and Last Name, IRD Number and Date of Birth. Importantly, You are also require to obtain your employees permission to provide these details when completing the application form. We will be looking at preparing a COVID-19 checklist to ensure that you have all the required documentation as outlined by these various government departments. Follow the link and chose the appropriate options to complete the form. The link to the COVID-19 Employer support page is: https://workandincome.govt.nz/products/a-z-benefits/covid-19-support.html
You are entitled to decrease your staff's wages to 80% in order to retain your staff over the lockdown period. As you will need all of your staff when things return to normal. If you are reducing your staff's wages, you must act in good faith when obtaining the employees consent. The ERA's guidelines are very helpful: https://www.employment.govt.nz/leave-and-holidays/other-types-of-leave/coronavirus-workplace/changing-an-employees-work-arrangements/
The ERA's information about COVID-19 is a good resource: https://www.employment.govt.nz/leave-and-holidays/other-types-of-leave/coronavirus-workplace/
The Inland Revenue Department have made a lot of changes in response. The most relevant during this tax payment season 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 is used to make correct payments to people, and to help the Government continue to respond to what is happening in the economy."
The link to all of the various forms of assistance the IRD are offering, please visit: https://media.ird.govt.nz/articles/inland-revenue-updated-advice-to-businesses/
Other general items that will help you through this difficult time are:
- Chat with your landlord to seek some relief with rent
- Try to reduce all non-essential expenses
- Speak with your Bank about moving to interest only on your mortgage or a full mortgage holiday (we are still awaiting clarification around this)
- Accounting changes that the IRD have allowed. We will take care of these when preparing your financial accounts.
The government/banks are still finalising the rules around the COVID-19 relief and once we have clarity we will be able to formulate plans for your specific circumstances.
The general COVID-19 government website is: https://covid19.govt.nz/ This website contains all of the relevant information/links to the most recent information as advised by the government.
Kanu Jeram Chartered Accountant Limited
112 Kitchener Road, Milford, North Shore City 0620, PO Box 31297 Milford, North Shore City 0741, Auckland, New Zealand
(P) +64 9 489 9069 (F) +64 9 489 9356 (E) firstname.lastname@example.org (W) www.kanujeram.co.nz
FROM 1 OCTOBER 2018 WE MUST OBTAIN CERTAIN PERSONAL INFORMATION FROM OUR CLIENTS.
This is because the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) now applies to most accountants. We apologise for any inconvenience that this may cause. For further information please refer to the Chartered Accountants ANZ website https://www.charteredaccountantsanz.com/member-services/technical/business-issues/anti-money-laundering
The information contained in this email is privileged and confidential and intended for the addressee only. If you are not the intended recipient, you are asked to respect that confidentiality and not disclose, copy or make use of its contents. If received in error you are asked to destroy this email together with any attachments and contact the sender immediately. All attachments have been checked for known computer viruses, however Kanu Jeram Chartered Accountant Limited does not guarantee the integrity of this communication, or that it is free from errors, viruses or interference. This email may contain Tax advice subject to non-disclosure rights pursuant to section 20B of the Tax Administration Act 1994. You should not disclose its contents to any other party, including the Commissioner of Inland Revenue and any other Inland Revenue officers, without first obtaining our professional advice. Any views expressed in this message are those of the individual sender and may not necessarily reflect the views of Kanu Jeram Chartered Accountant Limited. Your assistance is appreciated.
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