Government and institution measures in response to COVID-19.
Government and institution measures in response to COVID-19.
Return to homepage | Last updated: 14 October, 2020
NZD 12.1 billion business continuity package:
Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.
A Small Business Cashflow Loan scheme to be administered by Inland Revenue
The key features of the loan scheme are as follows:
Leave support scheme
Main sources of information
Excise
The bulk of the package comprises spending of:
Wage subsidy scheme
Sectors/Industries/Areas affected
Small Business Cashflow Loan Scheme
Business cashflow and tax measures
Included in the Government’s response are a number of tax measures:
Sectors/Industries/Areas affected
Apprenticeship Boost Initiative
A $380 million recovery package is available to employers of first and second year apprentices in a Tertiary Education Commission-approved New Zealand Apprenticeship or Managed Apprenticeship programme. The amount that can be claimed will vary depending on when an apprentice started their training programme and when they reach 24 months. Employers can claim:
Funding will be available until April 2022. Employers are required to top up the funding they receive to ensure their apprentices receive at least the minimum or training wage they are legally entitled to.
Infrastructure
A $12 billion infrastructure package has been announced, comprised of $6.8 billion for roading and other transport initiatives, as well as spending on hospital upgrades.
General election
The general parliamentary election will be held on 17 October 2020. The pre-election period has in the past been subject to a “caretaker” convention until a new Government is formed. A number of initiatives have been announced by the various political parties as part of their election manifestos. It is expected that further concrete initiatives will be announced after the election by the new Government.
Tax: Tony Joyce – tjjoyce@kpmg.co.nz
Restructuring: David King – davidking@kpmg.co.nz
Legal: Rebecca Armour – rarmour@kpmg.co.nz