National’s policy for growing enterprise would draw funds from several different sources and provide help at key points for new businesses, says BusinessNZ.

The BusinessStart scheme announced today would provide start-up grants of $10,000 and allow people to take $20,000 out of their KiwiSaver to start a business. The scheme would lift thresholds for provisional tax and writing off assets, provide free mentoring, and provide further grants of $10,000 for taking on a permanent employee. Tax credits for the taxed portion of redundancy payments would be available for a new business to pay future GST or provisional tax.

BusinessNZ Chief Executive Kirk Hope said the policy was a thoughtful approach to helping small business start-ups in the wake of the Covid crisis.

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