Livestock Special Alert 2024
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April. Consider your livestock election […]
Livestock Special Alert 2024: Dairy Cattle
The values for Dairy this year have seen a very small fall in values on average across all female classes, but a small increase in values on average across all male classes. The largely stable values can be attributed to a flat dairy sector where total cow numbers continue to fall. The National Average Market […]
Livestock Special Alert 2024: Beef Cattle
In contrast to flat Dairy values, Beef values have fallen on average 6.5%, losing most of the gains in value from last year. The 2023-24 season was a difficult one with weak demand from China and Australian meat flooding the market. Prices for beef have held up well due to drought in North America and […]
Livestock Special Alert 2024: Sheep
Sheep values have all fallen substantially due to low lamb and mutton prices. Demand from China slowed significantly, whilst at the same time more lambs were born in spring increasing the number of prime and store lambs for sale, leading to lower values. Sheep meat values are now well below the 5-year average, with many […]
Livestock Special Alert 2024: Deer
Deer values saw further recovery from the low values of 2021 with an average 15% increase in values for Red Deer, Wapiti, and related breeds. Increased values can be attributed to strong demand for venison in European and North American markets. Other deer breeds have also seen a significant increase in value, increasing on average […]
Livestock Special Alert 2024: Goats
Goat values are a mixed bag with female values increasing and male values decreasing on average 17.8% and -16.8% respectively. The value of milking goats continues to decline with female milking goats down in value a further 27%. After increasing in value last year to all-time highs, breeding buck values are down 32%. Structural changes […]
Accelerate Budget Alert 2024
The core of the 2024 New Zealand Budget is tax relief for working families and restrained public spending. Households anxious about cost of living and job security make cautious consumers. Businesses coping with rising overheads and shrinking retail spends tend to tighten up to maintain cash flow. Changes to the bright-line test and interest deductibility […]
The Back Pocket Boost
Changes to personal income tax thresholds take effect from 31 July: This is designed to give New Zealanders some breathing space after several years where higher wages dragged them into higher tax brackets due to inflation. Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should […]
Tax threshold changes and your business
Businesses need to note that the current thresholds apply for the first 3 months and 30 days of the 2024–25 tax year; the new thresholds for the remaining period. For the 2024-25 year only, composite tax rates will apply: Taxable Income Composite tax rate Employers need to ensure their payroll providers make the necessary changes […]
Other tax credits and FamilyBoost
Comparable to the extension of the personal income tax rate thresholds is the change to the independent earner tax credit (IETC). It’s currently available for people earning between $24,000 and $48,000/year (providing a tax credit of up to $20 per fortnight). From 31 July 2024, the upper income limit will be extended from $48,000 to […]
