Financial help

Details on the government support package and how to apply

Economic response package and eligibility

Government support for businesses affected by COVID-19 currently includes:

 

Leave and self-isolation support

Workers and businesses have responsibilities to prevent the spread of COVID-19. The purpose of the COVID-19 leave and self-isolation scheme is to support workers financially to self-isolate, or while ill with COVID-19.

Find out more and apply online now.

Find your New Zealand business number / NZBN.

 

Business cash flow and tax measures

There are a number of business cash flow and tax measures that have been announced, including:

  • Giving Inland Revenue the discretion to remit use-of-money interest (UOMI) for customers significantly adversely affected by COVID-19.
  • 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.

Inland Revenue has more information on the business cash flow and tax measures.

Wider $12.1 billion package

There are further parts to the wider $12.1 billion package that you may be interested in, including income support and further investment in the health response.

More information on the wider package can be found from the Treasury. 

 

Source: business.govt.nz - updated 7 September