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Good Afternoon,
 
Hope you are well and navigating your way back into a new normal as we start to see some light at the end of this tunnel!
  
Thought it was time to make contact again with some new developments.

More of the team at F T Dooley Limited are back in the office while others remain working from home.  Wherever they are stationed the team are ready and able to assist you wherever necessary.

There has been lots of great work happening to help Coast businesses get back on their feet.  Have you checked out  NowOpen?  Its a fantastic new site where you can promote your business or for some Mothers Day gift ideas!

If you haven't already registered your business on this site do so by completing this simple form and return to the friendly team at Epic Westport to create your listing.

There is a New Zealand Made Products Facebook page also which may suit your offerings. 

Use these free platforms to boost your business and get involved with the focus on local markets and opportunities.
DWC Delivery Rebate Scheme

Are you a SME on the West Coast offering deliveries in Level 3?

If so, you may be eligible to receive a $5 rebate per delivery from Development West Coast, up to a maximum of $250 per establishment, to help offset some of the costs associated with running your own delivery service or using an established delivery/courier service.  More information can be found here.

Funded Advice and Support

Eligible businesses may be able to access funds to put towards a range of approved support services thanks to the Regional Business Partner COVID-19 Advisory Funding. The fund will be administered locally by Development West Coast.

F T Dooley Limited are in the process of registering as an approved service provider for this scheme.

To check eligibility please visit the Regional Business Partner or Development West Coast websites for more information.

Loss Carry-Back Scheme

A temporary loss carry-back scheme has been introduced to support businesses with the current uncertain economic environment.  Full information and commentary to the Bill can be found here.

The carry-back will be available to businesses expecting to make a loss in either the 2020 or 2021 year.  The business can use that loss to offset profits made the year before.

There are two ways to claim the loss carry-back:

  • Include the carried back loss in the tax return to receive a refund of any overpaid tax
  • Ask for a refund of any provisional tax paid for 2020 if you are going to carry back a loss from 2021

If you think this may be an option for you and your business then please contact us to discuss further. 

Small Business Cashflow Loan Scheme

The Finance and Revenue Minister's made an announcement on Friday 1 May that the government will provide interest-free loans for a year to small businesses impacted by the COVID-19 economic shock.

The Small Business Cashflow Loan Scheme will provide a loan of $10,000, plus $1800 per equivalent full time employee to every eligible business up to $100,000.  The scheme is available to firms employing 50 or fewer full-time equivalent employees. 

Loans will be interest-free if they are paid back within a year or subject to an interest rate of 3% for a maximum term of five years. Repayments are not required for the first two years.

Applications are expected to be open on 12 May and be managed by Inland Revenue.

Options to deal with the impacts of COVID-19 in the workplace

Normal obligations of Employers and Employees to keep in regular contact and to act in good faith are more important than ever as we move between COVID-19 alert levels and businesses look to reopen. 

Regular employment law applies to all employment relationships – regardless of the circumstances we find ourselves in. 
 
Any change to an employee’s hours or work, pay rate and/or other terms and conditions should be discussed and agreed in writing. The detail around those discussions is likely to be guided by the agreement you have with your employees.

Situations need to be reviewed regularly, especially if you are moving out of the subsidised wage period for which you had a special agreement in place,  and it is possible a variation to employment agreements may be needed. 
See More
Working for Families Tax Credits

Working for Families entitlements are based on your yearly family income. If your family income changes, your entitlement may change as well. If your yearly family income has dropped you may be entitled to increased payments.

You may also wish to change from receiving your entitlement at the time your tax return is processed to receiving regular payments if you need to access the money sooner.

Helpful links:

Obligations under the wage subsidy scheme 

Business finance guarantee scheme

COVID-19 Support for families
Use the link to the website above for more infomation on anything regarding COVID-19
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Our mailing address is:
24 Wakefield Street
Westport

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Buller Chartered Accountants Limited · 24 Wakefield Street · P O Box 244 · Westport, Buller 7825 · New Zealand

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