COVID-19 Financial Support Package Category

A major tax difference between commercial and residential buildings is that you can claim depreciation on commercial buildings. Depreciation for buildings was removed across the board in 2010, then reinstated – but only for commercial buildings – as part of a 2020 emergency pandemic support package. Residential landlords cannot claim depreciation, but there are some grey areas where it’s not immediately obvious whether a building is residential or not. Inland Revenue has recently released a fact sheet to help you find the right depreciation rate for your building. Does your property qualify as non-residential? Here are the criteria according to

The Cost of Living Payment is a payment to help with the rising costs of inflation for eligible individuals. We will explain who can get the payment, based on the criteria set by the Government. What is the Cost of Living Payment? As part of Budget 2022, the Government announced the introduction of a Cost of Living Payment of $350 to help with the rising costs of inflation for eligible individuals. How do I meet eligibility for the Cost of Living Payment? Inland Revenue will check who is eligible for the Cost of Living Payment before each monthly payment is made.

For those who took out the Small Business Cashflow Scheme (SBCS) loan when it first became available in May 2020, the 2-year interest-free period and subsequent repayment period is fast approaching.