Updates to the Wage Subsidy

The Government has made some changes to the Wages Subsidy on Friday 27th March at 3pm. To apply, click here

Declaration

 NZBN

 Employees

Coding the Wage Subsidy
For those businesses who have applied for and received the Wages Subsidy under Covid-19, we suggest that you code the receipt to “Wages Expense”. Make sure the entry does not adjust for GST in your cashbook. 

This code will allow us to adjust it correctly at year end to ensure you are not including it as income or claiming it as an expense, in-line with the government guidelines. 

For those Businesses who take an active interest and view their Management Accounts on a monthly basis, please contact us, as we are able to adjust your Subsidy to reflect an accurate position of you business’s trading.