National campaigned on reducing the cost of living for Kiwis, which in part it intended to bring about by adjusting income tax brackets. The Government has made good on its promise and announced in its Budget released on 30 May 2024 the adjustments to tax brackets noted below. These changes are to take effect on 1 August 2024. Undoubtedly employees will be happy at this announcement as they will benefit from these adjustments.
Are certain pieces of equipment or machinery essential to your business operations? Do you need to update these on a regular basis to remain in business and competitive? If the answer to either or both of these questions is a resounding ‘yes’, you should be asking yourself a third question … should you purchase the […]
The only thing for certain in business is change. Indeed, change is constant, often due or at least commenced, by evolving political, legislative, economic policies. With change comes business risk. Given change is a certainty, planning for it makes sense because this reduces business risk. To assist with this, we share below some tips we […]
Most employers would not be averse to helping their employees save on the tax they pay, especially if in doing so it was relatively cost neutral to their businesses. This is exactly what the recently introduced salary sacrifice public transport allowance permits. Giving Up Income To Get A Benefit Under this remit, employees voluntarily give up […]
It’s fair to say 2024 was a hard year for many businesses as they attempted to cope with choppy economic weather. Turnovers flatlined, overheads climbed, margins were squeezed and net profits declined. Glimmers of sunshine are lining our horizon however, brought about in part by the Reserve Bank of New Zealand reducing the OCR. This […]
If you’ve read the previous article in Our Roar Newsletter, you know the level of scrutiny IRD brought to bear on taxpayers has increased substantially. Succinctly this means taxpayers need to remain current satisfying their tax obligations. To help clients meet their tax liabilities Tax Pooling is at hand. Tax Pooling was established back in […]
Did you know $29 million was the sum allocated to IRD via the Budget? This money is intended for IRD to spend on compliance activities. Particularly it will be utilized to employ 200 additional permanent staff who will focus their efforts on undertaking compliance activity work. Specifically, IRD intends to prioritize the collection of taxes, […]
If you are in the construction sector, be aware - Inland Revenue is telling businesses and sole traders in this industry to do the right thing and get on top of their tax obligations, or there will be consequences. The Commissioner has said if people do the right thing, they will help them. If they […]
People change banks and don’t close accounts. Individuals get sick and forget what investments they took out. People die, leaving insurance policies behind. Money sits in solicitors trust accounts and bank accounts. Money owing by IRD to individuals remains with the Commissioner. These are common examples of unclaimed monies recipients miss out on. Literally at […]
Did you celebrate 26 May with woops of joy and champagne? Maybe you ought to have done as this was Tax Freedom Day. What’s that you might ask? It a hypothetical day in our tax calendar that supposedly marks the time when Kiwis pay off their collective tax bill. Thereafter, apparently, every dollar we earn […]