October 2020 – Take Note

The one constant in life is change! We wanted to let you know that Janet has decided to reduce her hours of work, so will now be working 9am to 3pm at the Christchurch office on Mondays, Tuesdays and Thursdays, and 9am to 3pm at the Amberley office on Wednesdays.

Janet is also changing from being a director and shareholder of the practice to being a consultant. Rachel Liddell is now excited to be the director and shareholder of Liddell and Crook.

Remember that myself, Phia Venter, Diane Reynolds and Heather Fensom are in the office, and happy to help you with any queries if you can’t get hold of Janet.

Other News

Xmas Dates

Is it too soon to mention Xmas? We will be closing our offices on 22 December and will re-open on 6 January.

Xero Training

We offer one- on-one Xero training if you’d like to get few a pointers or have some questions.

Covid-19 wage subsidies have all closed now.

Small Business Cashflow (Loan) Scheme (SBCS)

This is available through the Inland Revenue. The Small Business Cashflow (loan) Scheme has been extended until the end of 2020. Applications need to be submitted by 31 December 2020. Eligible businesses and organisations are entitled to a one-off loan. The maximum amount loaned is $10,000 plus $1,800 per full-time-equivalent employee. The annual interest rate will be 3% beginning from the date of the loan being provided. Interest will not be charged if the loan is fully paid back within one year.

Asset write offs

You can write off any assets below $5,000 bought before 17 March 2021, this was previously $500 and after 17 March 2021 will be $1,000.

Xero COVID-19 Business Study

Xero have just produced a study on how businesses are doing during these difficult times. The five key recommendations to help businesses survive are:

  1. Make financial information digital
  2. Create emotional connections with your customers
  3. Seek help from the power or your business community
  4. Use cloud-based tools to increase efficiency
  5. Use data to predict and plan for the future

In Work Tax Credit – Part of the Working for Families Tax Credits

From 1 July 2020, there is no longer a requirement to work a minimum number of hours. The IWTC is available to eligible families who are not receiving an income tested benefit or student allowance and have some income from paid work each week.

Currently sole parents must work a minimum of 20 hours per week, and couples a minimum of 30 hours per week between them, in order to be eligible for the IWTC payment.

The IWTC is a payment of up to $72.50 per week ($3,770 per year) to working families for the first three children and up to $15 extra a week for each additional child.

If a family is already receiving Working for Families payments and will be entitled to the IWTC from 1 July, they don’t need to do anything. Inland Revenue will pay the IWTC automatically and they’ll receive a notice in July showing how much they’ll get
and when the payment will be made.

Families not currently receiving Working for Families payments, including the IWTC, can check eligibility and apply on the IRD website or at 0800 227 773.

Families already receiving IWTC payments don’t need to do anything other than keep their family income and circumstances up to date in order to keep receiving these payments.

– Rachel Liddell

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