Covid-19 - Offices closed but business as usual
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GRA Blogs
Articles by Matthew Gilligan
After the Covid-19 announcement today, all our staff will be working from home. We are well set up to do this, and our business will operate as per usual, with the following changes:
- All meetings will be by phone or Skype
- All events will be held online
- We will not be able to receive postal or courier mail for the time being, so please send everything via email.
Support for our clients
We know this is a time of uncertainty for business owners, sole traders, the self-employed, and employees. To that end, on Saturday the Government announced measures to help businesses get through these tough times. And today (23 March) further support was announced.
As part of the economic package to help businesses survive the Covid-19 pandemic, the Government has outlined various ways they will offer support.
Wage subsidy
- Businesses can apply for a wage subsidy of $585.80 per week for employees working over 20 hours per week, and $350.00 for those working less than 20.
- The original package had a maximum cap for this subsidy of $150,000, but today that cap was removed.
- All New Zealand employers are eligible for the wage subsidy, including new business or rapidly growing businesses. The government made another $4 billion available.
- Find out more here: https://www.workandincome.govt.nz/products/a-z-benefits/covid-19-support.html
Rent freeze
Rent freezes are in place, and 'no cause' terminations have been extended to commercial tenants, to assist business owners who are struggling with rent payments.
Business finance guarantee
Banks agreed in principle to a 'business finance guarantee' scheme, under which the Government will underwrite business loans. That means you can write to your banker and ask for an overdraft underpinned by a government guarantee. We suggest everyone that needs it should do this immediately.
Quantitative Easing
With the government agreeing to buy $30 billion of bonds, we have NZ’s first ever quantitative easing. This is designed to keep interest rates low and stimulate the economy. This, coupled with the strong government initiatives looks like a very positive response from the government and should allay the fears of many. (For more on this, have a look at my blog about banking and debt.)
Summary
We know these are challenging times, and we will do our best at GRA to support you. If you have any concerns at all, please get in touch in any of the following ways:- Phone us on +64 9 522 7955
- Email us on info@gra.co.nz
- Fill in our online form
- If you are a GRA accounting client, contact your Client Services Manager directly
Stay safe.
Matthew Gilligan
Director
© Gilligan Rowe & Associates LP
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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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I found Matthew Gilligan’s Property 101 and Tax Structures 101 to be superb books for the following reasons: 1. They contain a wealth of information about property investing and related tax matters; 2. The commentary is very rounded and balanced; 3. They are filled with financially savvy practical tips and red flag warnings; and 4. The relatively informal style, use of short case studies and anecdotes to illustrate points, and the clarity of presentation make the books very reader friendly. The above combine to make two books that are educational, thought provoking and inspiring. I only wish I had access to this information much earlier. - Geoff W - April 2016
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
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