Category: Business News
The Government’s Mini-Budget announced
The new Finance Minister, Nicola Willis announced savings via redirected funds and exiting projects in the government’s mini-budget. The new Finance Minister, Nicola Willis has revealed the government’s mini-budget, alongside Treasury’s half-year economic and fiscal update in Wellington. In its executive summary, Treasury that concluded that ‘although economic growth...
What will a National-led government mean for your taxes?
[et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"]We don’t yet know exactly how the new National-led coalition government will be formed. But we do know that National pledged to make some major changes to tax if it came into power. Here are some of the changes that could affect you: Tweaks...
Xero pricing update 2023
From 13 September 2023, the price of Xero Business plans in New Zealand is changing: Starter plans are increasing to $33 per month Standard plans are increasing to $71 per month Premium Plans are increasing to $94 per month Ultimate plans are increasing to $105 per month The price of...
New top tax rate for trusts – what does it mean for you?
Budget 2023 contained a few surprises, but the change to the tax trust rate wasn’t one of them. Being hinted at a few times, Grant Robertson lifted the tax trust rate from 33% to 39%, bringing it into alignment with the top personal income tax rate. This change is from...
The ‘No frills’ 2023 budget – What does it mean for you?
What’s in this Budget for the Kiwi business owner? From trust taxes to apprenticeships, to avoiding a recession, we look at the items most likely to impact you. How will the latest Budget affect your business and your household? Here are some of the changes most likely to have an...
What does Budget 2022 mean for you?
With the cost of living soaring, interest rates rising and house prices falling, Budget 2022 aimed to deliver a little something to help the average household. So what’s in it for you? Support for rising household prices You get to enjoy at least some of the benefits of the latest...
Minimum Wage – Issues for farming businesses in New Zealand
All New Zealand employers should understand their obligations under the Minimum Wage Act. Farming businesses can face questions that may not arise for other employers. From 1 April 2022 the minimum wage rates increase. The rates for adult workers are: Hourly: $21.20 ($16.96 for Starting-out workers/Trainees) Daily (based on an...
Business Acquisition Expenses – Deductions Allowed
Businesses often incur expenses when acquiring business assets, even if the acquisition is abandoned and does not proceed. A recent review has occurred on the deductibility of these costs. In the past, an expense relating to the purchase of an asset that wasn’t successful could not be claimed as an...
Are New Zealand’s Interest Rates Set to Rise?
New Zealand’s economy is running hot at the moment. This is due to New Zealander's spending more money at home and still having a strong export sector, especially the dairy industry. Growth is strong, but the pandemic is still with us and still impacting financial markets. The Government and Reserve...
I Run a Motel/Boarding House – What Can I Claim With Tax?
I run a Motel/Boarding House - what can I claim? Inland Revenue have released an exposure draft on the deductibility of expenses incurred by hotels, motels and boarding houses. The release focuses on these businesses where the proprietor lives on-site. In short, the release clarifies how to account for private...