{"id":283,"date":"2020-04-15T17:14:26","date_gmt":"2020-04-15T14:14:26","guid":{"rendered":"https:\/\/calculatorsworld.com\/financial\/?p=283"},"modified":"2020-05-01T11:06:42","modified_gmt":"2020-05-01T08:06:42","slug":"new-zealand-governments-covid-19-economic-response-package","status":"publish","type":"post","link":"https:\/\/calculatorsworld.com\/financial\/new-zealand-governments-covid-19-economic-response-package\/","title":{"rendered":"New Zealand Government&#8217;s COVID-19 economic response package"},"content":{"rendered":"\n<p>On 17 March, 2020 New Zealand Government released its NZ$12.1 billion (US$6 billion) fiscal and economic response to the COVID-19 pandemic.<\/p>\n\n\n\n<p>As the situation changed, the package has been expanded. The package now includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An estimated NZ$8-12b in wage subsidies so affected businesses can keep their staff employed, through support received directly from the Government.<\/li><li>NZ$500m additional health funding to get the virus under control.<\/li><li>NZ$126m in COVID-19 leave and self-isolation support for people who are unable to work because they\u2019re sick, self-isolating, or caring for dependants. Since being announced, this has been rolled into the Wage Subsidy Scheme.<\/li><li>NZ$2.8b income support package in assistance to those receiving benefits, including a permanent NZ$25-per-week core benefit increase from 1 April, 2020 and doubling the Winter Energy Payment for 2020.<\/li><li>NZ$100m redeployment package, to keep more Kiwis in work.<\/li><li>NZ$2.8b in business tax changes to reduce cashflow pressure, including a provisional tax threshold lift, the reinstatement of building depreciation, and writing off interest on the late payment of tax.<\/li><li>NZ$600m package to support the aviation sector and protect New Zealand\u2019s supply chains.<\/li><li>NZ$6.25b Business Finance Guarantee scheme for small and medium-sized businesses, to protect jobs and support the economy.<\/li><li>NZ$27m package for social sector services and community groups so they can continue to provide essential support to communities.<\/li><li>A leave scheme for essential workers who take leave from work to comply with public health guidance, to ensure they will continue to receive income.<\/li><\/ul>\n\n\n\n<p>Other measures the Government has taken include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>NZ Government, Reserve Bank and retail banks have agreed on <strong>a six-month mortgage principal and interest payment deferral for affected individuals and Small and medium-sized enterprises<\/strong>.<\/li><li>To protect renters during this difficult time <strong>all rent increases <em>frozen<\/em> for six months<\/strong>, prohibited no-cause terminations for an initial period of three months, and evictions cannot occur for unpaid rent for up to 60 days.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Tax measures in NZ Government Covid-19 response<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The reintroduction, from the 2020-21 income year, of a 2% DV depreciation deduction for commercial and industrial buildings. This includes hotels and motels.<\/li><li>A temporary increase in the threshold for expensing low-value assets fromNZ$500 to NZ$5,000 during the 2020-21 income year. The threshold will be NZ$1,000 from the 2021-22 income year.<\/li><li>The threshold for paying provisional tax will increase from NZ$2,500 to NZ$5,000 of residual income tax, from the 2020-21 income year.<\/li><li>Inland Revenue will be given the power to write off interest on late payments for those adversely, financially, impacted by COVID-19 for tax payments due after 14 February 2020.<\/li><li>Changes to the calculation of the in-work tax credit to remove the hours worked test.<\/li><li>Inland Revenue will have greater information sharing powers to facilitate a whole of government response to COVID-19.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Additional measures announced on April 15, 2020<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>NZ$3.1 billion tax loss carry-back scheme (estimated cost over the next two years). Businesses expecting to make a loss in either the 2019\/20 year or the 2020\/21 year would be able to estimate the loss and use it to offset profits in the past year. In other words, they could carry the loss back one year.<\/li><li>NZ$60 million estimated annual savings to business each year from changes to the tax loss continuity rules<\/li><li>NZ$25 million in the next 12 months for further business consultancy support<\/li><li>Greater flexibility for affected businesses affected to meet their tax obligations<\/li><li>Measures to support commercial tenants and landlords<\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p>Check the official website of the New Zealand Government <em>Beehive.govt.nz<\/em> for the latest information <a rel=\"noreferrer noopener\" href=\"https:\/\/www.beehive.govt.nz\/feature\/covid-19-economic-response-package\" target=\"_blank\">https:\/\/www.beehive.govt.nz\/feature\/covid-19-economic-response-package<\/a> or Inland Revenue website <a rel=\"noreferrer noopener\" href=\"https:\/\/www.ird.govt.nz\/Updates\/News-Folder\/covid19-business-changes\" target=\"_blank\">https:\/\/www.ird.govt.nz\/Updates\/News-Folder\/covid19-business-changes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Zealand Government released its NZ$12.1 billion (US$6 billion) fiscal and economic response to the COVID-19 pandemic.<\/p>\n","protected":false},"author":1,"featured_media":287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[15,7,13,11,14],"class_list":["post-283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-benefits","tag-covid-19","tag-ird","tag-new-zealand","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Zealand 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