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As the nation forges a brave new world in the midst of a global crisis, this year’s Budget announcement will remain among the most significant ever delivered in New Zealand’s history.

The COVID-19 tax measures should help businesses when they are hurting now. So why not allow businesses to carry their losses back instead of forward?

New Zealand businesses are already feeling the ripples from the spread of Coronavirus – is your organisation braced for impact?

In case you missed it: Our latest edition of Business Adviser is full of the insights we have produced so far during the COVID-19 pandemic including the coronavirus cashflow crisis facing businesses, ways to minimise the impact of COVID-19 and hidden gems for some businesses in the Government's economic rescue package. For these articles and more, download your copy.

New Zealand’s national lockdown should not cause any significant disruption to the level and quality of service that Grant Thornton is proud to deliver.

Natural disasters, pandemics and other black swan events cause significant stress or distress for many businesses. Each organisation will face a different set of circumstances – however cash management should be a the centre of everything a business does to navigate this unprecedented event, regardless of the challenges it’s experiencing.

PODCAST: Cameron Bagrie talks to Managing Partner Russell Moore and Michael Worth a partner and supply chain expert at Grant Thornton New Zealand about the deeper, more protracted recession the world is facing compared to the GFC. Cameron not only discusses the macro-economic impact of COVID19 that is beyond our control, but the “ruthless obsession” businesses need to have with the micro-economics that are within their control.

Now that the Government has announced New Zealand is at alert level 3 and will reach alert level 4 this week, all Grant Thornton New Zealand team members will be working from home effective immediately.

As the impact of COVID-19 continues to unfold in New Zealand and around the world, Directors and those preparing financial statements need to be cognisant of not only what’s happening now, but what is likely to happen next. Here’s our 10 ten questions organisations need to ask to ensure that financial statements yet to be issued are presented fairly.

The business and operations of many New Zealand and overseas companies have already been seriously affected by the rapid global spread of COVID-19. Unfortunately, business’s performance is likely to further deteriorate, along with their value and the value of many of their commercial assets.

Here in New Zealand, we still only have a few known cases of coronavirus, which is encouraging. However, the economic symptoms of COVID-19 are likely to be extremely widespread – and they may be just as tough to recover from. This outbreak has highlighted just how dependent our economy is on the rest of the world, both in terms of our export market and how much of our product is sourced from and manufactured offshore.

At Grant Thornton we care for our people and our clients.

As you’re most likely aware, the Government has just announced its $12.1b stimulus package for New Zealand businesses which is worth 4% of GDP, and is bigger than the packages provided in Australia and the UK on a per capita basis.

Murray Brewer is one of our tax partners, and he is the Chair of Grant Thornton New Zealand’s Board. In this piece produced by the Spinoff, he reacts to the Government’s economic relief package announced on 17 March 2020.