Business Accountants: Tax Predictions for Budget 2024: What to Expect

 

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:


Personal Taxes: 


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.


Timing is key: 


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.


Family Boost: 


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.


Audit Funding: 


Budget 2024 might allocate more funds to increase audit capabilities at Inland Revenue, addressing taxation losses and ensuring fairness in the tax system.


Revenue Strategy: 


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.


Digital Services Tax: 


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 accountingbookkeeping, payroll services designed to help you achieve greater financial success.

You can click here to speak to a businessaccounting 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. 

 

 

Contact 

Wellington Accountants | 

Business Accountants | 

Construction Accountants 

Property Accountants 

Contractor Accountants 

Hospitality Accountants |

Property Developer Accountants | Accountants Wellington | Wellington Accountant | Restaurant Accountants | Cafe Accountants | Business Consultation | Business Adviser

AddressLevel 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand 

Mail: PO Box 24-457, Wellington 6142

Phone04 889 2975

New Zealand Accounting, Bookkeeping & Property Business Consultancy Services | Wellington & Lower Hutt Xero Property Accountants Business coach business consultation business adviser

Business Accountants: Understanding Changes in Residential Property Taxation

Recent years have seen significant adjustments to the tax landscape, particularly concerning residential property. The government has responded to calls from various quarters to address investor demand in this sector. Notably, recent changes have been initiated to reverse tax policies affecting residential property, aligning with promises made by both National and ACT during their election campaigns.

Read More »