Self Employed Wage Subsidy Extension, Southeast Asia Covid 19 Emerging Market Experts

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Any business self employed or independent contractor will be eligible for. Your business has experienced a 40 percent drop in revenue because of covid 19 for a continuous 30 day period. The resurgence wage subsidy was a 2 week payment available between 21 august and 3 september 2020 for employers who werent already getting a wage subsidy.
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An 8 week wage subsidy extension payment was available nationally for employers including self employed people who were significantly affected by covid 19 after the original wage subsidy scheme closed in june 2020.

Self employed retirement plans tax deductible. Revenue has announced a four week further extension to the pay and file deadline for those who submit their tax returns online. In all cases your employer needs to meet the criteria for the wage subsidy extension or you do if youre self employed. According to robertson the new wage subsidy extension criteria is similar to the current active wage subsidy extension.

If youre self employed and an employee and your employer has already applied for a wage subsidy extension for you you can still apply as a self employed person. It was to support employers including self employed people across new zealand who were financially impacted by the resurgence of covid 19 or alert level 3 in auckland between 12 and 30. Main requirements of the wage subsidy extension you are entitled to the subsidy extension if.

Many self employed people will receive the wage subsidy in the 2020 tax year but in most cases only 1 or 2 weeks of it relates to the 2020 tax year. If there are no other employees to use the subsidy for then the remaining wage subsidy extension should be paid back. The coronavirus self employed income support scheme seiss is designed to protect people in a similar way to employed workers although some groups will miss out.

Information you can no longer apply for the wage subsidy extension. This period needs to be in the 40 days before you apply but no earlier than 10 may 2020 and must be compared to the closest period last. T he deadline was on november 12 next but has now been pushed out.

If youre self employed and the income you regularly draw from your business is less than the subsidy amount you receive you must pay back the remaining amount. A wage subsidy extension payment was available from 10 june to 1 september 2020 to support employers including self employed people who were still significantly impacted by covid 19. Applications for the wage subsidy extension closed on 1 september 2020.

There is an issue about whether the wage subsidy received by a self employed person is taxable in the year it is received or spread over the 12 week period.

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Self Employed Wage Subsidy Extension, Southeast Asia Covid 19 Emerging Market Experts

An 8 week wage subsidy extension payment was available nationally for employers including self employed people who were significantly affected by covid 19 after the original wage subsidy scheme closed in june 2020.

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