Check your Covid support
accelerateonline • February 3, 2023
The worst of the Covid crisis might be behind us, but there are still important things to remember if you have received government support since 2020.
- Make sure any Covid support requests were declared correctly and that records of your applications are on file to support any future audits.
- Ensure you’ve kept comprehensive records of any wage subsidies you’ve received or passed on to employees, as well as subsidies you’ve repaid.
Made an incorrect application?
If you received a Covid-19 support payment and weren’t eligible, you’ll need to let Inland Revenue (and us) know ASAP.
The quickest way to disclose an incorrect application is through Inland Revenue’s myIR online platform. There, you can send a message to Inland Revenue, which will investigate the eligibility of the payments and go through the next steps with you.
Accelerate - December 2023
Accelerate August 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
