Financial Benefits Available and Key Dates

Paul McCormick
May 19, 2023

Free Money & Key Dates

As the new Financial Year is well and truly underway, we thought it a good time to remind you of some of the financial benefits available and ensure you're aware of a few key dates ahead.

Do you still have outstanding tax payments due for 2022? 

We are able to use a tax intermediary to assist with these payments but the cut off date is fast approaching. You have until Thursday 22 June to request orders for tax payments. If you would like to take advantage of this, please call your Greenlion Advisor as soon as possible.

KiwiSaver - Has the Govt. contributed for you? 

Each year the Government will contribute $521.43 into KiwiSaver accounts for all member's provided they have contributed the minimum amount of $1,042.86.

The contribution cut off date for the current KiwiSaver year is Friday 30th June.

If you haven't yet made any contributions, we suggest you make a voluntary contribution before June 30th, to ensure you take advantage of the Government's free offering.

You can make the contribution by using the Pay Tax function in your online banking. Select KiwiSaver member account (KSS) and the date 30 June. Your KiwiSaver provider applies for the contribution after 30 June of each year, with the Government's contribution being deposited by end of August.

IRD Small Business Loans - Is yours still to be paid off? 

The Small Business Cashflow Scheme is now 2 years old which means if you took up the loan offering and haven't paid this back, interest will be charged. The interest rate is 3% and the term of the loan is 5 years. To avoid any default fees, please pay it down.

Do you need any further financial assistance due to the impacts of COVID-19?

The COVID-19  Small Business Loans are still available, if you have paid your previous loan back in full. Reapplications are open until Sunday 31 December 2023. Your business or organisation will need to meet all 5 of the following eligibility criteria:

  • Your business must have 50 or fewer full-time-equivalent employees (FTEs).
  • You need to have been in business for a minimum of 6 months. You will need to have experienced at least a 30% drop in revenue and the drop must be due to the impact of COVID-19. You'll need to hold information to verify this should the IRD ask. This drop in revenue is measured over a 14-day period in the 6 months prior to applying, compared with the same 14-day period 1 year ago.
  • Pre-revenue businesses and organisations (if applicable). This means you haven't yet received any income but have had a drop of 30% in capital receipts.
  • Your business must be viable and have a viable plan for the future with records to prove this should the IRD request this. This proof can be in the form of  a relevant cash-flow forecast report,  business plan with plans for where future revenue will come from and/or financial statements showing the business has enough resources to sustain itself.
  • You must use the loan to pay core operational or capital costs. This cannot be used to pay shareholders. Costs have to be intended to help the business adapt to circumstances due of COVID-19.

If you think you may eligible and would like to apply, you can do so here.

Budget 2023

Yesterday was budget day. We will be putting out some commentary on this next week.

Please do not hesitate to get in touch with your Greenlion Advisor if you have questions on any of the above topics.

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