March 2022 - Update from the Tael Team

Scheduling March 2022

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If your accounts have been scheduled to be completed in April, you would have already received your scheduling letters and those scheduled for May will be receiving them in the coming weeks.

If you are scheduled for later in the year, you will be receive your scheduling letter by the end of June.

Please read through your scheduling letter and checklist once it is emailed to you and contact us to arrange providing us with your records.

Due to Covid-19, our office remains closed to couriers and walk-ins. Please only send records to our PO Box address, not via courier to the physical office as our office is closed. Please note, items sent via the post will be your own responsibility if mail goes missing.

Contactless drop-offs can be arranged by appointment only on a Tuesday or Thursday, please bear in mind we have limited spaces available, so we strongly encourage you to send your records in electronically.

Please note that due to the update in the Privacy Act, we are unable to accept records via third party intermediates such as Dropbox or Google files.

If you are a Xero client, please also make use of the Xero files function within Xero, where you can safely electronically store your records. For more information visit our how to guide here.

COVID Government Support

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There are a number of COVID-19 financial support schemes available to businesses.

Financial support is available to help you pay staff if they have to self-isolate while waiting for a COVID-19 test result, or because they have COVID-19, and are unable to work from home.

Leave Support Scheme

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The COVID-19 Leave Support Scheme is available to employers to help pay employees who have been advised to self-isolate because of COVID-19 and can’t work from home. It’s also available to eligible self-employed workers.

• How much?

$600 per week for full-time workers and $359 per week for part-time workers.

• How to apply

You can apply on the Work and Income website.

How to apply for the Leave Support Scheme(external link) — Work and Income

Leave Support Scheme(external link) — Work and Income

COVID Support Payment (CSP)

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Three fortnightly COVID-19 Support Payments (CSP) will be available.

Applications for the first payment are open for the period beginning 16 February 2022 and ending 4 April 2022.

Applications for the second payment opened at 8am on 14 March 2022 for the period beginning 7 March 2022 and ending 4 April 2022.

Applications for the third payment will open at 8am on 28 March 2022 for the period beginning 21 March 2022 and ending 4 April 2022.

Please note that applications for all 3 CSPs will close on 5 May 2022.

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Eligibility?

Applicants will not be eligible for the CSP where they:

• have not taken all reasonably practical steps to minimise revenue losses
• are a regulated business or service under the Covid Protection Framework and are not complying with the COVID-19 Vaccine Certificate requirements (where applicable).
• are a self-employed individual that has received, has an application pending for, or is going to apply for or receive in future, funding under the Cultural Sector Emergency Relief Fund: Grant for Self-Employed Individuals administered by Manatū Taonga - Ministry for Culture and Heritage (this only relates to the first CSP and not the second or third CSPs).

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The affected revenue periods for each CSP payment are as follows.

• First CSP – 16 February 2022 to 4 April 2022.
• Second CSP – 7 March 2022 to 4 April 2022.
• Third CSP – 21 March 2022 to 4 April 2022.

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To work out a drop in revenue, you compare the revenue in an affected revenue period, as above, to the revenue earned in the comparison period.

The comparison period is a typical 7-day revenue period in the 6 weeks between 5 January 2022 and 15 February 2022. Alternatively, you can use a typical 7-day revenue period in the 6 weeks between 5 January 2021 and 15 February 2021.  

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If you are a business with highly seasonal revenue, you may select a 7-day comparison period which is before 5 January 2022 and which may be from a past year, which reflects your typical revenue.

For further details on the payments including how much and how to apply, head over to the Tael News Website here

Small Business Cash Flow Loan Scheme (SBCS)

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Under the Small Business Cash Flow Loan Scheme the Government provides loans to small businesses, including sole traders and the self-employed, impacted by COVID-19 to support their cash flow needs.

If you've previously applied for a SBCS and have fully repaid it, you can apply again.

Applications are open until 31 December 2023. You can apply through myIR.

The small business cash flow loan scheme will provide assistance of up to a maximum of $100,000 to businesses employing 50 or fewer full-time employees. This includes sole traders and self-employed businesses.

Details of the loans include:

• $10,000 to be provided to eligible businesses
• an additional $1800 per equivalent full-time employee
• interest free if the loan is paid back within two years
• an interest rate of 3% for a maximum term of five years
• repayments not required for the first two years
• you must show at least a 30% drop in revenue due to Covid-19, measured over a 14-day period in the past six months compared with the same 14-day period a year ago. If your revenue from the same period a year ago was also affected by COVID-19, compare the same 14-day period two years ago.
• maximum amount you can borrow depends on the number of full-time and part-time employees.

Use the small business cash flow loan scheme eligibility tool and find out how to apply.

COVID-19: Small business cash flow loan scheme eligibility tool

myIR(external link) — Inland Revenue

If your businesses doesn’t have a myIR account, you will need to create one to apply.

Register a myIR account for a business or organisation(external link) — Inland Revenue

Most applicants will receive their loan payment in full from Inland Revenue within five working days. You don’t have to accept the full loan amount you’re offered, and can decide to take a smaller loan.

Financial support tool

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If you want help figuring out what financial help you might be able to apply for, try the financial support tool on the Unite against Covid website.

The tool will take you through a series of questions about to find out more about your personal situation including:

• your work status
• your situation
• whether your workplace has reduced business.

COVID-19 Financial support tool(external link) — covid19.govt.nz

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Monthly Instalment Arrangements for the March 2023 Financial Year

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Please send back your signed Monthly Instalment Arrangements (MIA) as soon as you can for commencement 1 April 2022 – If you do not already have a MIA and would like more information or for us to prepare one for your consideration please let us know by emailing: info@taelsolutions.co.nz

**Terms and conditions apply.

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If you have any questions or concerns for us, please don’t hesitate to get in touch with us.

From

THE TAEL SOLUTIONS TEAM

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