WK Strawbridge Blog
News, practical advice and new business law in language you understand.
Stay informed with the latest news including practical tips, technology, tax law, and what our staff and clients are up to. Get the latest updates from our team of well-informed Business Advisors and Accountants
IRD audit and enforcement activity to increase
For many years now, the New Zealand Inland Revenue has not been overly active, or at least not visible, in investigations or enforcement. There have been various reasons for this. The main reason was that the IRD was undergoing a…
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New Zealand Budget 2024 – a step in the right direction?
We were highly critical of the additional spending in Budget 2023 in a time of high inflation and were pessimistic of Treasury’s 2023 forecast that NZ would not enter a recession. Treasury were, of course, wrong and NZ is…
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Family Boost – tax credit for childcare costs
Last month, fulfilling an election promise, the Government announced a new credit called FamilyBoost for families paying for early childhood education (ECE). FamilyBoost replaces the proposed extension to the 20 free ECE hours for under two-year olds announced by the…
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Drought in the Nelson, Tasman & Marlborough Districts
On 14 March 2024, Minister for Agriculture, Todd McClay, declared a medium-scale adverse event for drought in the Marlborough, Tasman and Nelson districts. On Monday 18 March 2024, he fronted a hastily arranged meeting of affected farmers and growers along…
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Some certainty at last around the latest New Zealand tax changes – March 2024
As we have mentioned in recent articles, there are some relatively significant tax changes taking effect 1 April 2024 even though the draft legislation had not been released. Well finally, the detail behind upcoming changes was released yesterday when…
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Update on New Zealand Tax Bill – March 2024
The Finance and Expenditure Select Committee finally reported back on the Taxation (Annual Rates for 2023-24. Multinational Tax, and Remedial Matters) Bill ahead of its final reading in Parliament later this month. This Bill includes some important changes for large…
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WKIQ Expands Reach with Launch in Nelson
We’re excited to announce that WKIQ by WK Strawbridge Advisors & Accountants is coming to Nelson. This move reflects our commitment to empowering more New Zealand businesses with the tools and knowledge they need to thrive.
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2023 New Zealand General Election – Let the electioneering begin…
Today we had the first notable tax policy announcement in the lead-up to the 14 October General Election. Although, today’s announcement did not appear planned. Prime Minister, Chris Hipkins, was seemingly backed into a corner after poor polling and ruled…
Read blog postThe way BNZ bank feeds connect to Xero is changing
The way BNZ bank feeds connect to Xero is changing BNZ is revamping its Xero bank feeds to simplify the setup process and enhance access to transaction data. Consequently, if you’re a BNZ customer, you’ll need to…
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Casey Gousmett from our office and Emma Pilcher from WK Blenheim recently attended the annual Primary Sector Conference held in Christchurch. The Primary Sector Conference 2023 was designed for rural accounting practitioners working with…
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New Zealand Budget 2023 – No Frills? or Blow-out?
Budget 2023 has been dubbed as the “No Frills Budget” by the Government. The opposition are already dubbing it the “Blow-out Budget”. Given that inflation is at levels unseen in New Zealand for a generation, the messaging around the…
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FBT – the forgotten and especially unloved tax
People generally are not overly enthusiastic about filing and paying taxes. However, businesses seem to reserve a special disdain for fringe benefit tax or FBT. FBT is seen as overly complex and difficult to comply with compared to other taxes.
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WK How To: Reconcile Prepayments Received
There may be an instance when you receive a prepayment on a job before you have sent out an invoice. These instructions will show you how this can be treated in Xero. Please note: the GST treatment of prepayments is…
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WK How To: Reconcile a Cash Refund
When you have a credit note that is physically being refunded, you will find when payment is made (or received) the credit entered in invoices (or bills) won’t come up in a find & match search in the reconciliation screen.
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WK How To: Set up a Batch Payment
Batch payments allow you to group together payments and export the details to a file that be uploaded to your online banking. This avoids you entering payment details directly into the bank, saving you time. We note it is worth…
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WK How To: Reconcile a Bank Transfer between accounts
Start on the reconcile screen in one of the bank accounts. Select “Transfer.” If you have more than two bank accounts in Xero you will also need to select the appropriate bank account. Press OK. Go to the reconciling page…
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WK How To: Enter Credit Notes
Options 1 – Create credit note from Invoice or Bill Click into the invoice or bill you want to credit. Under the Options drop down select Add Credit Note. If only part of the invoice or bill is being credited…
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WK How To: Set up Automatic Invoice Reminders
Invoice reminders can be set up to send out automatically. This can be to either remind customers that an invoice payment is coming up, or that an invoice is overdue. As Xero only recognises that an invoice is paid once…
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WK How To: Reconcile Overpayments
First click on find & match of the bank transaction received or paid Second select the invoice that is being paid Select “New Transaction” and “Receive Money” or “Spend Money” depending on whether it is a payment you have made…
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New Zealand Budget 2022 – Reserve bank and the Government on a collision course
Yesterday was Budget Day and, as expected, the Government offered up some shiny trinkets in the form of large increases to health spending and a modest package to address the cost of living squeeze. However, make no mistakes, yesterday’s budget…
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Building Leadership Capabilities – What are the gaps and building these capacities based on Mindshop’s 5 phases
This blog is the latest in our Mindshop Business Leader Insight series, aims to help you identify areas of growth when it comes to leadership capability. As expected, every leader is at a different stage…
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Insights 4, 5 and 6 from Mindshop – Invest in leadership & coaching, thriving’ strategy and vision for 2022 and don’t lose sight of what makes you profitable
This week we continue to unpack the six key insights from Mindshop’s Business Leader Insight Report. Insights four to six cover investing in leadership and coaching capabilities, creating a thriving strategy and vision for 2022, and focusing on what…
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Recharting Success and the 8 Steps for Recharting 2022
Mindshop’s Business Leader Insights Report for 2022 has given us a lot of food for thought when it comes to moving forward in a changing business landscape. As we continue our series of blogs to help you understand Mindshop’s findings,…
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How to Use Your Reset Plan to Address Emerging Insights – Mindshop Business Leader Insights
There’s quite a bit to get into with the key insights from Mindshop’s Business Leader Insights Report, and so we’ve split the six insights in half for a post each. In this third post analysing Mindshop’s Business Leader Insights…
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Update to the COVID-19 Support Payments and The Small Business Cashflow Loans – March 2022
COVID-19 Support Payment Update The IRD has released an update on COVID-19 support (CSP) payments. Firstly, from 8:00 am this morning (14/3/22) it is now possible to use a typical week between 5 January and 15 February 2021 as the…
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Preparing for the end of the tax year – 31 March 2022
There’s plenty of uncertainty out there about what the next few weeks and months will look like as Omicron sweeps through the community in full swing and geopolitical turmoil impacts financial markets and inflation. However, as the saying goes there…
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COVID-19 Support Payments applications are now open
Applications for the COVID-19 Support Payment (CSP) opened this morning. These applications are made through IRD’s online “MyIR” platform. Once logged, the application can be found under the “I want to” menu. Then click the third link “Apply For COVID-19…
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Further detail on COVID-19 Support for business – February 2022
The Inland Revenue has released further detail on the changes announced on the 21st of February that we discussed earlier in the week. Covid Support Payment Starting from 8 am on Monday the 28th of February, eligible businesses will…
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Why You Need to Reset for 2022 – Mindshop Business Leader Insights
In the next chapter of Mindshop’s Business Leader Insights Report for 2022, businesses were surveyed in reflection of 2021 to find out what the most successful approaches were and what that means for recharting for 2022.
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New Zealand Government announce business support for Omicron Outbreak
Like the Omicron Wave, Government support has been a bit slower to arrive than anticipated, but yesterday some relief for businesses was finally announced. At this stage businesses outside of tourism and hospitality seem to largely…
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Resetting for 2022; the Key to Success – Mindshop Business Leader Insights Report
Our friends at Mindshop have put together their annual Business Leader Insights Report with the key takeaway for business success this year being the ‘reset’. Resetting and re-charting your path to success for 2022 based on…
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New Era for WK Strawbridge Client Nelson Tile & Slate
When new owners Jenna and Jonathan were presented with the opportunity to take over Nelson Tile & Slate earlier this year, they both jumped at the prospect of bringing their two unique skills-sets together to run…
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Update on the New Zealand Governments COVID-19 support – 14 September 2021
Wage Subsidy – Round 3 Yesterday it was announced that there will be a third round of wage subsidy. This will apply for revenue drops of 40% or more for the period 14 September to 27 September but only if the…
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COVID-19 Second round of Resurgence Support Payments announced – 13 September 2021
Finally, the New Zealand Government has announced a second round of Resurgence Support Payments (“RSP”). To qualify a business will need to have suffered a 30% turnover drop for a 7-day period beginning 8 September compared to a typical 7-day…
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COVID-19 Shift to Level 2 in New Zealand / Delta – 7 September 2021
We welcome the shift back to something resembling normality with the country (outside of Auckland) shifting back to Level 2 at midnight tonight. This time round Level 2 comes with a lot more restrictions including greater distancing, smaller gathering sizes…
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Wage Subsidy August 2021 #1 close off
Note that applications for the first round close 11:59 pm this Thursday the 2nd of September. A second round starts 9:00 am Friday. A business that did not meet the turnover eligibility for the first round can apply for the…
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Alert Level 3 – Extensions to Government Assistance – August 31, 2021
As you will no doubt be aware, all of the country except Auckland and Northland shifts to Level 3 at midnight tonight. At this stage, Level 3 is pencilled in to last one week. Level 3 is still very much…
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COVID-19 – Managing wellbeing during Level 4 Lockdown
Amidst all the challenges created by COVID-19, it is more important than ever for business owners and their staff to stop and recognise the importance of wellbeing during the current Alert Level 4 Lockdown in New Zealand. COVID-19 has had…
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COVID-19 – Mandatory sign-in is coming and a reminder of Alert Levels for New Zealand
This time around, the Government response to this lockdown has been far more settled, well at least so far. We are not seeing rules being introduced or changing by the hour as we did in late March and early April…
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COVID-19 Government Assistance Update – August 23, 2021
Since our last Blog, the Level 4 lockdown for areas outside of Auckland has been extended until the end of this week and Auckland has been extended until Tuesday next week. The Alert Levels for areas outside of Auckland will…
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Wage Subsidy applications are now open – August 20 2021
Wage Subsidy applications are now live. However, we recommend that you exercise caution before rushing out and making an application. The circumstances for this round of Wage Subsidy are very different to that of March 2020. In…
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COVID19 – Brief update, 19 August 2021
Cabinet meets tomorrow to discuss the current Alert Level settings. While we wait on an update on Alert Levels, we suggest you consider the following (where applicable/relevant): Start planning for the possibility of Level 3 trading. If you turn your mind back…
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Covid-19 returns, not again.
Well… here we go again. The inevitable has finally happened and Covid has reared its ugly head. As you will surely be aware, at this stage the Auckland and Coromandel regions have shifted into a 7-day lockdown, with the rest…
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Xero Projects
Xero Projects provides users with a simple way to capture, track and report on the time and money spent on each job so that they can proactively invoice, make informed decisions and manage their business more efficiently. This simple…
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WK Strawbridge How To: Xero Files
Did you know that Xero has its own filing system, Xero Files, where you can attach documents to invoices, bank transactions, contacts and even manual journals? At WK Strawbridge, we believe it’s one of Xero’s…
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WK Strawbridge is now a Xero Platinum Partner
WK Strawbridge Advisors and Accountants are excited to announce that we are now a Xero Platinum Partner! Xero provides beautiful accounting software for small businesses that works anywhere you do. Xero’s online accounting software means you can automate everyday…
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How to set up Xero Multi-Factor Authentication (MFA)
Since the 4th of May, Xero Multi Factor Authentication (MFA) has become mandatory for Xero customers. Multi-Factor Authentication (MFA) is an additional security process to check that it’s really you when you login to your Xero account –…
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Government implements significant property changes
Yesterday the Government renewed its war on residential landlords and announced some major changes in the property sector. Obviously, the house price increases we have seen in the past couple of years are unsustainable and are having significant social impacts. …
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Staff Achievement: Triple Peaks Challenge
Last Month, WK Strawbridge Senior Advisor, Daniel Bullock, participated in the annual Triple Peaks Hawkes Bay Challenge – just in time for level two! The event raises money to help with purchasing more native trees for the ‘Sleeping Giant’…
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Update on Covid support
New round of Wage Subsidy announced The Government has announced that Wage Subsidy is making a return for Round 4. This was signalled when the recent increase to the alert levels first occurred in the weekend. Applications will be able…
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Resurgence Support Payments – Part II
The announcement of an increase in Covid alert levels for at least 7 days means that another round of Resurgence Support Payment (RSP) will become available next week. Claims for the past level increase (the week beginning February the 15th)…
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Resurgence Support Payments
After the recent Auckland Community cases, the Government introduced a new mechanism to support businesses. The new scheme known as Resurgence Support Payments (“RSP”) is activated by a decision of Cabinet. Generally, this will be anytime Level 2 or higher…
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New Zealand property price circus side-show
Property prices have been the hot topic in the past few months as property prices have gone ballistic across the country. Fundamentally, rapidly rising property prices are being driven by low supply. However, the removal of the “loan to value”…
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Has your business adapted since Covid 19?
Are you focusing your time and energy on the right things at the moment? The things you CAN control, that will help your business thrive? Or are you focussing on things you can’t control, like politics, rules, regulations, outbreaks, lockdowns etc? The…
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ANZ’s Super Rugby Restart predictions competition
Eleven local businesses took part in ANZ’s Super Rugby Restart predictions competition in 2020. After the original tournament became defunct following the nationwide lockdown, a new tournament was set up for Super Rugby Aotearoa and Super Rugby AU matches…
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Labour announces its tax policy for election 2020
Labour has announced its tax policy, and it is surprisingly conservative. Labour is proposing that if it is re-elected then it will introduce a new top rate of 39% kicking in from $180,000. On Labour’s numbers this affects only 2%…
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Business Finance Guarantee changes…some further thoughts
Our blog last week has generated a lot of discussion. Something we’ve been asked is why the old scheme failed so badly, and do we think the improved scheme will perform any better. Here is our opinion on this. Why…
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Big changes to the New Zealand Business Finance Guarantee Scheme
The Government-backed Business Finance Guarantee (or BFG) scheme has been an epic failure. The scheme was too restrictive and there was too much red tape. The Government set aside $6b+ for the scheme when the scheme was announced. However, to…
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Government support announced for recent COVID19 outbreak in New Zealand
After months of ongoing bungles at isolation centres, the inevitable occurred, and Covid-19 is back in the community and Auckland is back in Level 3 lockdown. The travel restrictions on Aucklanders are going to be particularly hard on the tourism…
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Income Equalisation Scheme
For most farmers, their financial year balance date has now passed for the 2020 year. Now is a good time to take note of your livestock on hand and forward to your WK Strawbridge Advisor if you have not done so…
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How to protect your business against cyber risk
More and more New Zealand businesses are being either held to ransom or having critical systems taken offline. In this blog, we look at some measures you and your business can take to be cyber safe. Unfortunately, the majority of…
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Wage subsidy extension open for applications
The Wage Subsidy Extension went live yesterday morning. The full criteria were published at the same time. As we saw with the original scheme, we expect that the information WINZ published will change over time. The turnover drop threshold and…
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New normal seems to be on the horizon
As we write this article there is just one remaining “active” case of Covid-19 as there has been no new cases for 12 days. There seems no obvious reason why we have not already moved to Level 1. In terms…
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WK Strawbridge merger strengthens business in the top of the south
A merger between two well-established accounting firms, bridges the gap between Nelson and Marlborough and provides local businesses with a wider scope of business resources and tools, and an enhanced range of specialist skills. Since 1998, the Strawbridge accounting and…
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Covid-19 – Government Loans for Small Businesses
Yesterday the Government announced the details of the Small Business Cash-flow Scheme. This is a very useful mechanism for obtaining “free money” to help our businesses cope with the effects of the Level 4 and Level 3 Lockdown on our…
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COVID19 Level 2 – levelling-out
The New Zealand Prime Minister has announced what Level 2 will look like. The decision to shift to Level 2 is yet to be made. Cabinet meets on Monday to decide if, and when, the shift to Level 2 will…
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Covid 19 – Provisional Tax Payment Options
Provisional Tax Payment OptionsWe are aware that a number of our clients are facing a problem with paying their Provisional Tax due today. We have looked at the options available to us to assist you with this problem. The Inland…
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Covid 19 – Small Business Cashflow Scheme & Buisness Finance Guarantee Scheme
Welcome to Alert Level 3.Seven days in and we have some good news from Government in the form of a new Small Business Cashflow Scheme. The Government has also introduced a Loss carry back scheme which will be of use…
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COVID-19 Level 3 – Over the Hump?
Covid-19 Advisory Information to Strawbridge Clients – We are eagerly awaiting the Prime Minister’s announcement today regarding the possiblechange to the COVID-19 Alert level.We include below the details presented last week as to what a Level 3 level will allow.Keep…
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Stimulus Package Announced – Covid-19 Information for Strawbridge Clients
Today’s Advisory presents the additional Stimulus Package of tax changes announced by the government on Thursday 16th April 2020. We have included below the Links to the Inland Revenue site for you to look at the details of the additional…
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Covid-19 Advisory Information to Strawbridge Clients
Today’s Advisory introduces an additional service available to you, our clients. Strawbridge is a now a member of the Regional Business Partner Network (RBPN) a division of New Zealand Trade and Enterprise. This enables us…
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Covid 19 Advisory Information for Strawbridge Clients
Following on from last week’s four publications of Covid-19 Advisory Information, we are continuing to keep you informed of developments as much as possible. We hope that you find the information useful in dealing with the necessary changes that are…
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Covid-19 Advisory Information to Strawbridge Clients
Following on from last week’s four publications of Covid-19 Advisory Information, we are continuing to keep you informed of developments as much as possible.We hope that you find the information useful in dealing with the necessary changes that are upon…
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Covid 19 Advisory Information to Strawbridge Clients
Following on from our previous three publications of Covid-19 Advisory Information this week, we are continuing to keep you informed of developments as much as possible.We hope that you find the information useful in dealing with the necessary changes that…
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Covid-19 Advisory Information to Strawbridge Clients
As you are aware, the Government is offering assistance to New Zealand businesses who are experiencing or expecting to experience financial difficulties as a result of Covid-19. We are providing our clients with regular updates on the Government assistance and…
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