January 2024 Business Update
Government Mini Budget
Late last year, the National-led coalition Government announced their Mini Budget, featuring significant tax and income relief.
The main changes are outlined as follows:
Income Tax Relief: Commitment to delivering substantial income tax cuts in Budget 2024, including proposals like the Family Boost childcare tax rebate.
Brightline Test Adjustment: Residential property brightline test reverted to two years from 1 July 2024, eliminating capital gains tax for properties held over two years.
Interest Deductibility: Full restoration of interest deductibility expenditure for residential rental properties, with detailed phasing information to be announced this year.
For more detailed information, please click here.
Tips for Tradies
Improve your trades business with resources from Business Govt NZ.
Learn about how to price a job and job quotingthrough insightful videos and resources.
To access these valuable tools, please click here.
Missed your 2nd 2024 Provisional Tax Payment?
If you missed paying your second 2024 Provisional Tax instalment due on 15 January 2024, we encourage you to contact us, so we can assist you in buying the tax through Tax Management New Zealand's (TMNZ) Tax Pooling service.
By purchasing the tax via TMNZ instead of paying it directly to IRD, you will avoid paying late penalties.
90-day Trial Periods
Starting 23 December 2023, all New Zealand employers can use 90-day trial periods. Previously, 90-day trial periods only applied to employers with fewer than 20 employees.
Many of you already have the opportunity to use 90-day trial periods.
For more details on utilising employee trial periods to enhance your business, please click on the links below:
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Explore the following links to access your understanding of claiming expenses and the fundamentals of taxation: