March 20, 2020

SUPPORT AVAILABLE AS PART OF THE GOVERNMENT STIMULUS PACKAGE

Editor    posted 20 Mar 2020, 02:53 PM

If you’re an employer, contractor, sole trader or self-employed, you may qualify to get the COVID-19 wage subsidy. www.workandincome.govt.nz/…/…d-19-support.html

Basically, if you can demonstrate via your IRD records, or your business records that you/your business will suffer a 30% decline in revenue compared to last year you could be able to access a weekly subsidy of up to $585.80 pw

From the WINZ website:

What does a 30% decline in revenue mean?

    Actual revenue or predicted revenue (e.g. for businesses who have seen a reduction in bookings such as accommodation providers), and that decline is related to COVID-19.

    The business must experience this decline between January 2020 and 9 June 2020.

Definition of revenue

Revenue means the total amount of money a business has earned from its normal business activities, before expenses are deducted.

Determining a decline in revenue

To determine a decline in revenue, the business must compare one month’s revenue against the same month the previous year (e.g. February 2020 compared with February 2019). The revenue of the month in the affected period must be at least 30% less than it was in the month it was compared against.

This is new territory for us all and everyone’s personal/business circumstance will be different, so we suggest contacting WINZ directly to check on your circumstances. 

The self-employed application can be found here services.workandincome.govt.nz/…/new

[Thanks to The Proactors for providing this information.]