Emerging from lockdown will allow a sense of normality. Bring on the simple pleasures of takeaway coffee, McDonald’s drive through and online shopping for non-essential items; things we never dreamed could be on hold.

IRD Temporary loss carry-back scheme:
This temporary change should be introduced in a bill in the week beginning 27 April.
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.

This change means we could refund some or all the tax already paid for the year they were in profit. It means firms could cash out all or some of their losses in 2019/20 or 2020/21. Without this change, firms would have to carry forward any loss to a year when they make a profit.

Finance Minister Grant Robertson announced on 1 April 2020 that businesses can start applying for loans under the Business Finance Guarantee Scheme.

The Government will be introducing legislation to make changes to the Companies Act to help companies facing insolvency due to COVID-19 to remain viable and keep New Zealanders in jobs.