New measures announced are part of a continuing effort by the government to support small and medium sized businesses stay in business during the current global pandemic. In addition to various tax benefits that have been rolled out to help with cashflow such as a tax loss carry back scheme and changing the tax loss continuity rules, which makes it easier for firms to raise new capital without losing the benefit of existing tax losses, businesses will also have access to tailored support services to weather the storm. This will be provided at no cost to the business.
If you are struggling to meet your non-wage fixed costs like rent and insurance, help is available. Services such as a Regional Partner Network and helplines such as the Employers and Manufactures Association and Canterbury Chamber of Commerce are being made available for free. You can access specialist advice that could enable you to keep your business in business.
Businesses in the Bay of Plenty can get in touch with local Regional Business Partner, Tauranga Chamber of Commerce, firstname.lastname@example.org 07 577 8957 www.tauranga.org.nz They will assign you a local growth advisor to talk to you about getting the advice you need.
If you would like any specific advice around these or any of the other changes being made that may affect your business, please get in touch with our team of experts.