News and views
Merry Christmas! Season's Greetings and a prosperous New Year from all of us at Strong and Co.
We are closed for Christmas Break from 05:00 pm, Wednesday 21st December 2022 and will re-open 09:00 am, Monday 16th January 2023.
For any urgent matter during the break, please contact Babs at 0297 799 799.
Best wishes from all of us at Strong & Co., Brian, Babs, and Celia
Residential rental property purchased on or after 27 March 2021, interest cannot be claimed as an expense from 1 October 2021, unless an exclusion or exemption applies.
For property acquired before 27 March 2021, the ability to deduct interest on existing loans is being phased out over 4 years, ending 31 March 2025 (see the table below).
Interest deductions for any new loans drawn down on or after 27 March 2021 is not allowed from 1 October 2021 onwards.
How interest deductions are being phased for properties acquired before 27 March 2021
Some properties are excluded from these rules and some exemptions apply.
As the lockdown for New Zealand have extended., there is a new wage subsidy scheme open at 9.00am on Friday 26 November to 11.59pm, 09 December 2021.
This is for all businesses and self-employed people who have or predict at least a 40% decline in their revenue from 23 November to 06 December and meet all the eligibility criteria. The eligibility criteria will be same as https://www.strong.co.nz/news/2021/8/19/msd-covid-19-wage-subsidy
Business that applied for the first, second, third, fourth, fifth, sixth, and seventh round of wage subsidy can apply for the eighth round as well if meet all of the eligibility criteria for Wage Subsidy #8. However, if someone applied on 25 November for the seventh round, they could apply for the eighth round on 09 December. Early applications can't be accepted as each payment is for two weeks.
Businesses that didn't apply for the initial wage subsidy are welcome to apply for Wage Subsidy #8 from 26 November providing they meet all the eligibility criteria.
To ensure payments are processed as quickly as possible, it's very important the information provided in the application matches that held by Inland Revenue. If the information doesn't match, it may delay the processing of an application.
For more information, please refer to: https://www.workandincome.govt.nz/covid-19/wage-subsidy/index.html
We are also able to apply wage subsidy on your behalf,. If you are interested in applying wage subsidy, please don’t hesitate to contact us via celia@strong.co.nz.
Please note that this is the last wage subsidy available as New Zealand is going to implement the traffic light system.
Be well and stay safe.
As the lockdown for New Zealand have extended., there is a new wage subsidy scheme open at 9.00am on Friday 12 November to 11.59pm, 25 November 2021.
This is for all businesses and self-employed people who have or predict at least a 40% decline in their revenue from 09 November to 22 November and meet all the eligibility criteria. The eligibility criteria will be same as https://www.strong.co.nz/news/2021/8/19/msd-covid-19-wage-subsidy
Business that applied for the first, second, third, fourth, fifth, and sixth round of wage subsidy can apply for the seventh round as well if meet all of the eligibility criteria for Wage Subsidy #7. However, if someone applied on 11 November for the sixth round, they could apply for the seventh round on 25 November. Early applications can't be accepted as each payment is for two weeks.
Businesses that didn't apply for the initial wage subsidy are welcome to apply for Wage Subsidy #7 from 12 November providing they meet all the eligibility criteria.
To ensure payments are processed as quickly as possible, it's very important the information provided in the application matches that held by Inland Revenue. If the information doesn't match, it may delay the processing of an application.
For more information, please refer to: https://www.workandincome.govt.nz/covid-19/wage-subsidy/index.html
We are also able to apply wage subsidy on your behalf,. If you are interested in applying wage subsidy, please don’t hesitate to contact us via celia@strong.co.nz.
Be well and stay safe.
As the lockdown in New Zealand extended, your business may be eligible for the fourth round COVID-19 Resurgence Support Payment (RSP). Receiving any other Government COVID-19 support does not affect eligibility for the RSP.
You will have to meet the criteria listed here (https://www.strong.co.nz/news/2021/8/18/ird-covid-19-resurgence-support-payment-rsp) in order to apply.
When applying for the 4th RSP, the start date of the continuous 7-day period where your business or organisation has experienced a drop in revenue must be in the following affected period: On or after 22 October 2021 and immediately before all of New Zealand returns to alert level 1.
This continuous 7-day affected revenue period then needs to be compared against a typical regular 7-day revenue period that starts and ends in the 6 weeks prior to 17 August 2021 (or, for the purposes of organisations that have been in business for 1 month, a typical continuous 7-day revenue period in the 1 month prior to 17 August 2021) to determine whether there has been a 30% decline in revenue.
Applications for the 4th RSP is available now, you can complete your application within myIR portal.
For more information, please refer to: https://www.ird.govt.nz/covid-19/business-and-organisations/resurgence-support-payment/eligibility
We are also able to apply RSP on your behalf,. If you are interested in applying RSP, please don’t hesitate to contact us via celia@strong.co.nz.
As the lockdown for New Zealand have extended., there is a new wage subsidy scheme open at 9.00am on Friday 29 October to 11.59pm, 11 November 2021.
This is for all businesses and self-employed people who have or predict at least a 40% decline in their revenue from 26 October to 08 November and meet all the eligibility criteria. The eligibility criteria will be same as https://www.strong.co.nz/news/2021/8/19/msd-covid-19-wage-subsidy
Business that applied for the first, second, third, fourth, and fifth round of wage subsidy can apply for the sixth round as well if meet all of the eligibility criteria for Wage Subsidy #6. However, if someone applied on 28 October for the fifth round, they could apply for the sixth round on 11 November. Early applications can't be accepted as each payment is for two weeks.
Businesses that didn't apply for the initial wage subsidy are welcome to apply for Wage Subsidy #6 from 29 October providing they meet all the eligibility criteria.
To ensure payments are processed as quickly as possible, it's very important the information provided in the application matches that held by Inland Revenue. If the information doesn't match, it may delay the processing of an application.
For more information, please refer to: https://www.workandincome.govt.nz/covid-19/wage-subsidy/index.html
We are also able to apply wage subsidy on your behalf,. If you are interested in applying wage subsidy, please don’t hesitate to contact us via celia@strong.co.nz.
Be well and stay safe.
