National believes that we need to unleash a wave of entrepreneurialism in New Zealand.
We need thousands of new businesses to kickstart our economy and create tens of thousands of new jobs. National will deliver this with a package of incentives that provide equity and cashflow to ensure new businesses succeed through the economic crisis.
For those who lose their jobs after 1 March 2020, National will support them if they want to get into their own business and give them the confidence to take on the challenge.
1. Provide a one-off $1000 voucher to buy advice and support from a Chartered Accountant or Registered Financial Adviser to develop a business plan that shows the business is a viable proposal.
2. Upon that sign off, the new business owner will receive BusinessStart approval from MBIE. This will:
- Allow the business owner to access up to $20,000 from their KiwiSaver account, to invest in the new business.
- Provide for those who have been made redundant, the entire taxed portion of their redundancy as a tax credit with the IRD, which can be used to pay GST or other tax obligations created by the business.
- Provide for those who have lost their job but not received redundancy, a tax credit of $5000 to meet tax obligations. After 90 days, a second tax credit of $5000 will be allocated.
- Give business owners a free Company Office registration ($130).
- Encourage banks to use the business plan to provide a banking finance package.
- Provide for additional business mentoring and start up advisers under a new contestable fund of $10 million dollars for providers of such services.
3. In addition, like all business owners, BusinessStart recipients will be able to write off new investment of up to $150,000 per new asset instantly under National’s previously announced policy.
As an emergency programme, BusinessStart will begin on 1 November 2020 and run for seventeen months through to the end of the financial year, 31 March 2022.
You can view a copy of our BusinessStart Factsheet here
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