Wage subsidy audit finds 56 firms need to repay $1.3m
While $10.4 billion has been paid out to businesses through the government’s covid-19 wage subsidy, another $17.5 million will be given back, new figures show. The government said at April 21, 1,281 wage subsidy applicants want to refund all or part of the subsidy, totalling...
Ad tech company collapse not due to coronavirus, liquidator says
A smartphone advertising firm that received millions in start-up funding from investors including Crown scheme NZVIF Investments and Stephen Tindall’s K1W1 has collapsed. Postr Media was an ad-tech startup that sold white-label software to phone companies that wanted to sell...
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KPMG introduces 15% 'salary sacrifice' as covid-19 bites
KPMG has asked staff to take a 15 percent pay cut, calling it a “salary sacrifice” needed since it doesn’t qualify for the government wage subsidy. It is also cutting partner drawings by 20 to 40 percent, a move in line with two other big four accountants, EY and PwC. However, th...
Eric Watson’s right-hand man told to pay up to defend Glenn case
Eric Watson’s right-hand man’s business affairs have been scrutinised as Owen Glenn continues to chase 43.5 million British pounds owed to him by Watson. Glenn’s Kea Investments was awarded the money in 2018 by a court, which found Watson had breached fiduciary duties and acte...
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