Small Business Cash flow Loan Scheme Extension
The Small Business Cash flow loan scheme applications were due to close today, but this has now been extended until 24 July 2020. If you missed our previous newsletters, you can find out more about this here.
KiwiSaver Government Contribution Reminder
Just a reminder that if you are wanting the full Government contributions to your KiwiSaver ($521.43), you’ll need to have contributed a total of $1042.86 between 1 July 2019 to 30 June 2020. This doesn’t include employer contributions, government contributions, interest and any transactions under the Trans-Tasman retirement savings portability.
If you haven’t heard of this, the government are helping us save by contributing 50 cents for every dollar we put into our KiwiSaver up to a maximum of $521.43.
You can check how much you have contributed to your KiwiSaver to date by contacting your KiwiSaver provider, it’s also a great chance to check with them that your Prescribed Investor Rate (PIR) is correct.
If you won’t reach the $1042.86 from your employee deductions you can make a voluntary contribution to top this up. See more about how you can make this contribution payment here.
Please note it can take up to 4 days for this transaction to be processed so you will need to make this voluntary payment by the 26th of June at the latest.
Managing Redeployment & Redundancy During a Workplace Change
If you are thinking of making an employee(s) redundant, its important that you follow the workplace change process before making someone redundant. Employment New Zealand have some great information on what you need to consider and the steps you need to take here. (Make sure you also check out the workplace change process outline link)
It’s important that you follow a work place change process and/or get advice from an employment lawyer, because if the employee believes the process was unfair they could raise a personal grievance against you.
Wage Subsidy Extension Now Available
The wage subsidy extension is now available, but remember if you are going to apply, you must wait until the 12 weeks for the last subsidy has ended and you must have had a 40% decrease in revenue for a 30 day period, in the 40 days before applying (starting no earlier than 10 May 2020). If you are unsure, your accountant will be able to check this for you.
You can find the application links here.
If you missed our newsletter last week, which mentioned some recent changes to the eligibility, you can read this here.