Shared from Craig Hudson, Managing Director of Xero for NZ & Pacific Islands
The past few months have seen devastating natural disasters in Aotearoa and
Australia, and now, the global outbreak of COVID-19. Governments, businesses,
and communities all around the world are facing unprecedented challenges. The
importance of maintaining stability, minimising disruption, and ensuring that
cash keeps flowing effectively through economies cannot be overlooked.
New Zealand’s business support package
The Government has announced its business support package, noting it is one of the largest packages in the world on a per capita basis.
The $12.1 billion package includes:
- Initial $500 million boost for health
- $5.1 billion in wage subsidies for affected businesses in all sectors and regions, available from today. Businesses need to show a 30 percent decline in revenue for any month between January and June 2020 and applications can be made here.
- $126 million in COVID-19 leave and self-isolation support
- $2.8 billion income support package for our most vulnerable
- $100 million redeployment package
- $2.8 billion in business tax changes to free up cash flow
- $600 million initial aviation support package
For more detail on the business support package and Government factsheets, see here.
Staying well informed
Keeping reliably informed, understanding the symptoms of COVID-19, staying up
to date with developments and making sure your business is as prepared as
possible will help you and your clients make better decisions.
MBIE has collated some great resources for businesses here that we recommend reading through and bookmarking. This includes everything from health and travel guidance, to how to create a business continuity plan.