Weekly Digest – 2 April 2021

Welcome back to our Weekly Digest – read on for the latest updates.

Southern Vaccination Centre Opened

In just a week, the Southern District Health Board (SDHB) and public health staff managed to set up a vaccination centre in the Meridian Mall in central Dunedin where several thousand people will be vaccinated against COVID-19.

The SDHB leased the former H&J Smiths department store for a year to serve as the base of six vaccinators and an administration team.  A similar centre will also be opened in Invercargill.

Minimum Wage Rise and New Top Tax Rate From 1 April

The minimum wage has increased to $20 an hour, up from $18.90 an hour.  This will mean $44 more each week before tax for those working 40 hours a week on the minimum wage.

The starting-out and training minimum wages have also increased to $16 an hour, to remain at 80% of the adult minimum wage.

A new top tax rate of 39% on individual income earned above $180,000 also applies from 1 April 2021.  This will affect 2% of earners and will add an extra $550 million for the 2021 financial year, increasing to $634 million by 2024.

Free Online Digital Training and Support Tool

The Ministry of Business, Innovation and Enterprise, in partnership with The Mind Lab and Indigo, has launched a free training and support services to help businesses develop their digital capabilities.

More than 9100 small businesses are already taking advantage of these solutions through DigitalBoost.co.nz.  This includes providing support on cybersecurity and fraud prevention.

Meanwhile, if you want more focused software integration advice, you may also get in touch with us so we can assist you in getting the right tech in place.

4 Tips to Get Out of Debt

Getting out of debt can be difficult, but there are some strategies that can help you pay it down more easily:

  • Pay more than the minimum payment required– Go through your finances and decide how much extra you can shell out to pay your debt.  Paying more than the minimum amount will help you save on interest and pay it completely much faster.
  • Use the debt snowball method– This approach involves paying the minimum amount on all your debts except for the smallest one, which you should pay as much as you can toward.  Once you eliminate the smallest one quickly, you’ll move on to the second smallest debt while paying the minimum on the others.
  • Debt refinancing– You’ll save in interest if you refinance your debt to a lower interest rate.  Consider refinancing your mortgage, auto loan, or student loan.
  • Commit windfalls to debt– For example, when you get a tax refund or a stimulus check, you can use the money to pay your debt or at least split it 50-50 between debt payment and having fun or saving in your bank account.

Do you want a more personalised debt paydown strategy?  Get in touch with us today and let us help you enjoy a debt-free life.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.