The 2023 election campaign put tax at the forefront, and now all eyes are on Budget 2024 for potential changes to personal taxes. With hints from the National-Act and National-New Zealand First Coalition Agreements, here’s what we might see:
Hon Nicola Willis, the Minister of Finance, has hinted at “meaningful tax reductions” to ease the cost of living for New Zealanders. While National aims to adjust tax thresholds, the Coalition Agreement with the ACT Party may bring different changes, possibly flattening tax rates.
The Minister of Finance suggests tax cuts may apply from July 1, 2024. This could mean a quarter-year adjustment for the tax thresholds, affecting the entire tax year.
The Family Boost plan, set to kick off on July 1, aims to reimburse families for a portion of childcare expenses, administered by Inland Revenue.
Budget 2024 might allocate more funds to increase audit capabilities at Inland Revenue, addressing taxation losses and ensuring fairness in the tax system.
The government’s revenue strategy is likely to focus on reducing compliance costs, enhancing tax law compliance, digitalization, and adhering to the “broad base low rate” tax philosophy.
The fate of the Digital Services Tax Bill, which aimed to raise revenue and was expected to commence on January 1, 2025, remains uncertain. Budget 2024 might shed light on its future.
On May 30, all will be revealed as Budget 2024 unveils the government’s tax plans. Stay tuned for updates.
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
Feeling trapped in your business? Learn how mastering the seven key business divisions helps owners reclaim time, improve margins, and build lasting freedom.
If you run a business in Wellington, it’s time to double-check that your payroll systems are up to date. As of 1 April 2025, the minimum wage in New Zealand has increased, and failing to adjust your systems could lead to non-compliance and financial penalties.
If you run a business in Wellington, it’s time to double-check that your payroll systems are up to date. As of 1 April 2025, the minimum wage in New Zealand has increased, and failing to adjust your systems could lead to non-compliance and financial penalties.
Running a small or medium-sized business in Paraparaumu, WLG, comes with its fair share of challenges, and managing finances is often at the top of the list. That’s why working with professional accountants in Paraparaumu, WLG, is essential for your business’s financial health and long-term success. From navigating complex tax regulations to ensuring compliance and optimising financial strategies, the right accountant can make a significant difference in how your business operates and grows. Partnering with experienced tax accountants in Paraparaumu, WLG, can help you identify tax-saving opportunities, streamline reporting, and avoid costly mistakes. Whether it’s handling payroll, managing cash flow, or preparing for audits, having the right accounting support allows you to focus on what matters most: growing your business confidently and sustainably.
If you run a business in Wellington, it’s time to double-check that your payroll systems are up to date. As of 1 April 2025, the minimum wage in New Zealand has increased, and failing to adjust your systems could lead to non-compliance and financial penalties.
On 1 April 2025, the New Zealand minimum wage increased, and it’s crucial for Wellington business owners to ensure their payroll systems and employee records are up to date. Failing to comply can result in costly penalties and damage to your reputation — not to mention disgruntled staff.
ALL POSTS
NEWSLETTER SUBSCRIPTION