COVID-19 and your Business (New Zealand)
Things are moving fast. This page has already been superseded. Please consult our COVID-19 summary page for more direction.
What you need to know about COVID-19 for your businessCOVID-19 is hitting business owners really hard. In this video Fuel Accountant’s founder, Peter McCarroll, discusses what you need to be thinking about and doing right now and what government assistance is available to you and your staff in New Zealand. Based on data available to 19 March 2020.
Come back soon for a downloadable PDF summary.
Update since recording the video:
- IRD has confirmed that they will consider waiving late payment penalties AND interest if eligible.
- To be eligible for the Use of Money Interest (and Late Payment Penalty) waiver you must meed the same test as for the MSD Wage Subsidy (30% drop in revenue). However, you must prove that you couldn’t pay – if you have the money in the bank you won’t be able to get this waiver (tax pooling may be able to help you here).