Accounting Extra Ltd

Our office will be closed from 4pm this afternoon for the Easter Break. We will re-open Wednesday the 7th of April at 9am. We hope that you all have an enjoyable time over the Easter period.

With Saturday's announcement on Auckland heading into Level 3 and the rest of New Zealand heading into Level 2, the Government has released a list of financial support available for business affected by COVID-19. If the recent change has affected your business, please read the information on the link below or contact the office for further assistance.

Financial support for businesses Financial support schemes to help businesses and their employees in times of difficulty, to recover from the effects of COVID-19.

Are you currently thinking about buying additional tools/equipment for your business? Now is a good time to be doing that. In March 2020, IRD increased the low value asset threshold for depreciation from $500 to $5,000. In March 2021, IRD will be reducing the threshold down to $1,000. So this means, any asset purchased before the 16th March 2021 under $5,000, will be able to be treated as an expense instead of an asset.

For further information, please do not hesitate to contact us in the office or click on the IRD link below for more information:

Depreciation and low-value assets COVID-19 and help with depreciation on commercial buildings and the new low-value asset write-off thresholds.