The new short-term absence payment is welcome buy small business owners and will take some strain off business owners doing it tough when staff are on leave awaiting results of Covid-19 test and cannot work from home. Employers can apply for support to pay their employees. The self-employed or contractors can apply directly. The payment will be a one-off amount of $350 for each eligible employee. The Short-Term Absence Payment is… Read more
Welcome to our first 2021 Covid-19 Update. Read on for some ideas to help us all move forward. NZ Borders Likely To Remain Closed to Most of the World All Year Prime Minister Jacinda Ardern announced that the country’s borders are likely to remain closed to most of the world for the rest of the year, as reopening them poses “too great a risk to our health and economy”.… Read more
This year, Waitangi Day falls on Saturday 6 February and is observed on that day or Monday 8 February. Here is what you need to know about rights for employees and obligations for employers. Mondayisation for Waitangi Day This year, Waitangi Day falls on a Saturday. This means the holiday is moved to the following Monday, which is Monday 8 February. Requirement to work on Waitangi Day If your employee… Read more
Good personal finance skills are important in life, but this seemingly simple concept can be difficult to master. Without having a good grasp of how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax effective’ investments are good investments. The term… Read more
Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due dates, suppliers are chasing for payments, and your stress levels are skyrocketing. Regardless of the… Read more
Business vs personal expenses shouldn’t be mixed.
More small and medium-sized businesses may be eligible for the Business Finance Guarantee scheme, with a simplified and expanded scheme now in place. Participating banks can provide new loans, increased limits to existing loans or a revolving credit facility to eligible businesses. The scheme supports banks to take on lending by government taking on the default risk of up to 80% of the loan. Changes to the scheme mean the… Read more
With cashflow being the number one concern on business owners’ minds, ensuring your invoices get paid on time is a key component to success. Given a lot of businesses are in the same boat, how can you get those funds in so you can then pay your suppliers who are looking for their money? In this blog we give you a simple guide on how to keep on top of your debtors.
Sometimes, an employee doesn’t have enough leave available to take paid leave when time off work is required for what would normally be a work day. As am employer, you can agree to the time off and not pay them for this time. This is usually called Leave Without Pay or LWOP. Leave without pay doesn’t end an employee’s agreement or change it, however, did you know that leave without… Read more
Every year thousands of New Zealanders are called up to serve on a Jury, so if you have employees it is only a matter of time before one of them gets summoned for Jury Service. What should you do if this happens? Talk to your employee Find out when they have been told to go for jury service and how long it may last. Discuss how it may affect… Read more
In October and November Accident Compensation Corporation (ACC) will be sending out annual invoices that would have normally been sent in July. They made a decision to delay these invoices for three months to help relieve the immediate financial impact felt by many businesses earlier this year.Remember to always check your BIC code (or industry code) to ensure you are on the right rate, but also check whether you are… Read more
How easy is it to go paperless? You just need a digital filing cabinet.
In a pandemic world, setting up a strategy will guide your recovery and allow you to thrive.
IRD are no longer accepting payment via cheque, however, there is still a way that you can pay in person at Westpac Banks. You can make Cash or EFTPOS payments to the IRD by visiting a Westpac branch or Westpac Smart ATM. To do this you must either: Bring your return or statement that shows a barcode Create a barcode before your visit How to create a barcode for your… Read more
While we are all planning our next steps as we rebuild our businesses, the Ministry of Social Development (MSD) have begun the mammoth task of auditing certain applications made under the wage subsidy scheme. This is an action that was signalled from very early on in the scheme. While the swift move into audit phase may seem harsh, the statistics that emerged regarding fraudulent claims on hardship grants after the… Read more
The pains caused by any type of economic downturn can be excruciating, which is why most of us quiver at the thought of it. Just the word recession leaves us with so much uncertainly – it could mean massive layoffs, jobs becoming harder to find, and wages frozen. We start talking about a potential recession, the fear kicks in, and this all contributes to everyone hunkering down and spending less,… Read more
The Government has announced that the Small Business Cashflow Loan Scheme has been extended to the 31st December 2020 and can provide assistance of up to $100,000 to business’s employing 50 or fewer full time equivalent employees. The scheme is in the way of a loan from the government and will provide $10,000 to every firm and $1800 per equivalent full time employee. Loans will be interest free if they… Read more
As small business owners look to the future post COVID-19, there are some important questions to ask. These questions will help you determine what changes you want to keep, whether your business model is still working for you, and if there are any additional changes you may want to make to keep your company operational through future economic disruptions.It’s not always fun to do this sort of investigation, but… Read more
Many business owners believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research reveals that over 70% of professionals regularly… Read more
From 1 July 2020, the duration of parental leave payments will extend from 22 weeks to 26 weeks and the maximum weekly rate for eligible parents will increase from $585.80 to $606.46 gross. The minimum payment rate for self-employed parents increases from $177.00 to $189.00 gross per week, which is equal to 10 hours of the current adult minimum wage. The number of ‘Keeping in Touch’ days will also increase… Read more