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Covid Resurgence Support Payments NZ

Annie
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Covid Resurgence Support Payments NZ

Hi there, 

Does anyone have advice as to how to record the Resurgence Support Payment in NZ?  I've read that it is not to be treated as income and it is not a loan so does not need to be paid back.  There is to be GST on it however.  How do I set up an account so that it sits in the correct area within my accounts?

Thanks

Ann

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Tracey_H
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Re: Covid Resurgence Support Payments NZ

HI @Annie 

 

Thanks for your post. You will need to speak to your accountant to make sure the RSP is recorded and reported correctly. From an AccountRight perspective accounts in Other Income and Other Expenses are not included in the Operating Profit in the P&L report.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
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Annie
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Re: Covid Resurgence Support Payments NZ

Thanks Tracey :-)

Slava
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Re: Covid Resurgence Support Payments NZ

Yes, that would be an easy solution.

But in an AIM report it puts the RSP under taxable income.

The only way to adjust it is to plug it into the manual tax adjustment box to decrease profit.

But there is no specific field for it.
To me these two "Accounts payable (A8)" or "Year to date withholding tax deducted (S9)" seem like the only choices.

Can someone confirm or deny the assumption? 

Tracey_H
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Re: Covid Resurgence Support Payments NZ

Hi @Slava 

 

As we're not accountants we're not permitted to advise on how these payments need to be reported. You will need to check with your accountant to ensure it's reported correctly.

 

Please don't hesitate to post again if you need help in the future.

Cheers,
Tracey
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Slava
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Re: Covid Resurgence Support Payments NZ

Hi Tracey,

I am asking for an advise in regards to an MYOB generated report (AIM) that doesn’t have a provision for the Resurgence Support Payments. 

Sure you are not accountants but you are not a completely independent from IRD structure either that can exist without taking care of today’s developments.

When such an uncommon transaction appears nationwide you sure have to have an explanation or / and a tool to record and report it correctly.  

Tracey_H
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Re: Covid Resurgence Support Payments NZ

Hi @Slava 

 

From a software perspective you would enter the RSP as a Receive money transaction which will flow through to your AIM statement depending on the account and tax code selected. As we're not accountants we're not permitted by law to provide tax advice, as such, you will need to speak to your accountant or the IRD about the applicable account and tax code to ensure it is reported correctly.

 

Please let me know if you need further help.

Cheers,
Tracey
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