Small Business Cashflow Scheme
Recently we have had correspondence from the IRD regarding changes to the Small Business Cashflow Scheme (SBCS). This loan is still available to all businesses that require assistance, including those who have not applied previously. The amount that can be borrowed is now up to $20,000, plus $1,800 per full-time equivalent employee (with a maximum of 50 employees). The repayment period remains as 5 years.
All existing loans are interest-free in the first two years, on the condition that the loan is not in default. The interest rate on the remaining loan will be 3% per year from the first day of the third year of the loan period.
If you've previously borrowed the original $10,000 you are now able to draw down an additional $10,000 to top up their existing loan. This additional loan will be interest free for the first 2 years with a total repayment period of 5 years. The additional and original loan will be kept separate with two repayment periods.
Applications remain open until 31 December 2023 through the IRD using your myIR login.
Please do not hesitate to contact us should you need any assistance.
Minimum Wage Increase
Please also note the minimum wage is increasing again on 1st April 2022. The new minimum wage will be $21.20. The training wage also is increasing to $16.96.
Should you need any assistance or should you have any queries, please contact your usual Greenlion advisor.
At Greenlion our days are filled with determining facts and figures and a lot of that work falls around specific dates. To help you plan for your 2026/2027 year, we’ve noted important dates below. Remember to keep these key dates in mind when setting your business goals and budgets and planning your cash flows. START […]
Many successful business owners reach a point in their lives where they ask themselves, what’s next? Accompanying that burning question is what should I do with my business? The answer may lie in selling the business. To maximize the chances of a successful transfer to new hands, much work needs to be undertaken in advance […]
In a bid to drive economic productivity and growth, the National Government has introduced the investment boost initiative. At a micro level, this tax incentive provides businesses with additional funds in the form of tax savings, hopefully resulting in companies becoming more competitive. Under this new scheme, from 22 May 2025, businesses are able to claim 20% […]
As a business owner, do you ever feel you are on a hamster wheel, constantly running, but failing to make progress? Sometimes this is caused by working in your business as opposed to on your business. You might think this is semantics, but experience has shown that those that appreciate the difference are more likely to […]
You’d be living under a rock if you didn’t know interest rates have been steadily declining. This is due in part to the official cash rate (OCR) decreasing over the last 11 months. Depending on what camp you sit in you'll either be pleased or disappointed with the lower rates. Borrowers who've recently borrowed will […]
SELLING YOUR BUSINESS FOR WHAT ITS TRULY WORTH. In every successful business owner’s life, the day dawns when they want or need to transition out of their business. Maybe they’d like to work less and hand over their business to someone else. Maybe they want to sell and sit back enjoying their retirement. Whatever the […]
Up until 31 March 2024, those people that used Uber and Air BnB platforms had an obligation to comply with the Goods and Services Act. Despite this, many people didn’t pay GST on the income earned from the likes of their driving activities or from letting out their properties. Non-compliance occurred for a variety of […]
It's widely recognised Xero is a top choice among accounting software for businesses. It’s also no secret that errors in Xero are easy to make and can prove costly. What often surprises users is the magnitude of these costs. Typically, such errors remain undetected until year-end, when your friendly Lion Accountant is trying to prepare […]
In each edition of Our Roar, we intend to showcase products and services of some of our clients, that we think others will be interested in learning about. One such business is our client Loyal Pooch. This company has designed a stylish storage solution that is suitable for all homes. We've been privileged to help […]
Every year, hundreds of residential property investors claim expenses for the costs of fixing up and upkeeping their rental properties. When expenses are incurred, investors fully expect to receive a tax deduction for the money they’ve spent but not all expenses are deductible. Whether an expense is claimable depends upon the nature and extent of […]
With the end of the financial year finally here, it’s crucial to organise your financial records correctly before forwarding your information to us. The benefits to doing this early are numerous. First, your tax position will be established early in the financial year, providing you with the much-needed time to plan your business affairs. Secondly, on the basis […]
If you’ve just read the article about the construction sector being scrutinised, you’ll know being audited by the IRD is a real possibility. Anyone can be selected for an audit by the Commissioner. Audits are time consuming and expensive too. A way to manage this risk and associated cost is through Audit Shield Insurance. You […]