It's been some time since we last wrote an update or did a post. We have been very, very busy working through wage subsidies, RSP payments, tax returns, GST returns, AIM returns, as well as working from home and trying to educate and entertain children.
Most of NZ is in the same boat being at L3 and it makes being in business really tough. We are a small family business as well, so we are not immune from all these things. Please be patient with the team and be kind. We share your frustrations and the best way we can help is to work together.
Wages Subsidy 4 applications close at 11.59pm on Thursday 14th October - these can be applied for via the MSD website. You will need to have income figures handy to be able to show a 40% loss in a current 7 day period compared to a previous 7 day period, the 6 weeks prior to the 17th August 2021.
There are 3 RSP payments currently available for different periods. The RSP payment can be applied for through your myIR login and you must show a 30% loss in a current 7 day period compared to a previous 7 day period, the 6 weeks prior to the 17th August 2021.
If you need help with wage subsidy or RSP applications please touch base with one of us. We are here to help. Tiff has been steadily working through all the requests that have come through and hopefully the ones we have applied for have been received by now. There has been a hold up with some of the payments as MSD had a huge backlog to clear.
Zoe is steadily working through annual returns still, assisted by our new accountants Sophie and Puneet. Our aim is to have 80% of our client returns filed by the 23rd December. If you need your return completed urgently for bank lending applications, working for families assessments or any other reason, let us know so we can get you sorted asap.
We are dealing with a high volume of IRD reviews and audits this year. This has delayed a lot of returns from being finalised and IRD are really delving deep when it comes to requesting back up information to legitimise various expense claims. We sent some emails out previously in regards to Audit Shield Insurance - if you haven't signed up yet, we definitely recommend it. The annual policy fee is a small amount compared to what it could cost for our time working through an IRD audit. If you would like to chat about Audit Shield before signing up give Haley an email or call.
Mackyla, Jo and Tiff are on GST and AIM return duty this month. This period is an extra big GST period as we have 2 monthly and 6 monthly returns due. If you have received a request for more information please get back to us as soon as you can.
GST and AIM have been extended to 4th November for filing and payments, due to an IRD system shutdown over labour weekend to the 28th October.
If you're behind on tax payments we recommend setting up a payment arrangement with IRD. We can help you with this, or you can apply through your myIR login.
It's important during these times to prioritise yourself and your family. Nothing is more important than your own physical and mental health. Take time out daily to do what ever you need to do to keep yourself healthy and happy. Try not to fixate too much on all the drama on social media - it can really impact your state of mind and cause undue stress and worry. Some times it's also beneficial to tune out from the news and Govt updates for a couple of days. Trust me you're not missing much!
If there is anything that the My Two Cents team can help you with, please let us know.
Take care out there!
The My Two Cents Team.