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 […]
Infrastructure, resilience and housing
Budget 2024 invests $1.2 billion over three years in a new Regional Infrastructure Fund covering: First in line are areas still recovering from Cyclone Gabrielle such as the East Cape region and parts of Northland. A 30-year National Infrastructure Plan and National Infrastructure Agency are also being established to expedite development across road, rail and […]
Health and education
The Budget allocates $3.4b for hospital and specialist services and $2.1b for primary care, community and public health through Health New Zealand. $1.77b is allocated to Pharmac. The free breast screening programme for women aged 45 –69 will be extended to include women up to the age of 74. The Gumboot Friday initiative will receive […]
New Zealand’s best farms
The annual Ballance Farm Environment Awards celebrate the best examples of Kiwi ingenuity on our orchards and farms, recognising great business models and land stewardship. Here are three of this year’s Regional Supreme Winners, including farmers who have branched out into tourism, and one orchard owner making a huge environmental impact: Auckland nursery goes nativePeter […]
Farming law reforms
Duty-free dairy exportsThe turn of the year brought a welcome change for New Zealand dairy farmers: all New Zealand dairy products can now enter China duty-free. Duties on milk powder no longer apply following China’s decision to remove dairy tariffs due to the New Zealand-China Free Trade Agreement. The new arrangement, effective from 1 January […]
Farming of the future
Digitisation is transforming how farms and orchards operate, leading to more innovation, efficiency, and productivity across New Zealand. In this edition’s Digital Snapshot, we’ll look at the Internet of Things (IoT), what it means, and how it can help farmers and growers. What is IoT?IoT refers to local networks of internet-connected devices and appliances that […]
Minimum wage set to change: what you need to know
The government has announced an increase to the minimum wage that will kick in from April 1. The adult minimum wage will rise by $0.45 an hour, taking it up to $23.15 an hour. This will mean additional costs for many businesses. Workplace Relations and Safety Minister Brooke van Velden said that “a cautious approach […]
How 2024 Easter timing affects your tax return
Easter weekend fell at the end of March this year, on the final days of the tax year. The timing has some important implications for some of you: Extended 2023 returnsTaxpayers working with a tax agent who have an extension of time arrangement for 2023 tax returns should be aware that returns filed from March […]
Mixed-use asset rule change explained
April 1 marks a significant change in the GST tax treatment of mixed-use assets. Taxpayers can claim 100% of GST for expenses relating to the income-earning use of a mixed-use asset, for example, the cost of advertising a holiday home online. However, working out GST claims for expenses relating to both the income-earning and private […]
What to know if you rent out your holiday home or provide services online
Do you rent out a bach on Airbnb or do some driving on Uber for extra income? If so, there are more tax changes you need to know about. From 1 January this year, platforms such as Uber and Airbnb will collect information from their users including sales income and IRD numbers, and will be […]
