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Our industry experts share what they wanted to see delivered in Budget 2023 and how this year's announcement impacted some of New Zealand’s key sectors. Read on to discover where the opportunities and roadblocks lie in this year’s announcement.
Initially touted as a “no frills” budget, this year’s announcement largely lived up to that expectation, with few surprises or major initiatives included.
With enormous and inexorable spending commitments barrelling toward us, collecting revenue to cover those costs is a priority for the 2023 Budget. But with an election impending, it needs to keep voters sweet, giving them a sugar hit of positive spending, without any unwelcome tax changes.
Fantastic news on the horizon for Kiwi exporters, as the UK/NZ Free Trade Agreement will likely be ratified later this year, removing tariffs from 99.5% of our current trade into the UK.
Interest rates have been low for a number of years, so there’s a risk little attention has been given to existing loans, and the relevant transfer pricing policies and documentation are unlikely to be fit for purpose.
The 2022 Not for Profit sector report paints a picture of an agile industry bending with the winds of change, but it also reveals a breaking point is on the horizon for many organisations.
Kiwi businesses have been through the wringer over the past few years, with so much instability and rapid change. We need a tax strategy to help the country tackle it’s looming problems, says Greg Thompson, Business Advisory and Tax Leader.
The new Trusts Act 2019, which came into force on 30 January 2021, was one of the biggest changes for Trusts for quite some time. Now, Inland Revenue has also introduced further reporting and disclosure requirements. Here's what you need to know.
To further compound the challenges of yet another year marred by disruption, tax authorities have made it loud and clear they still expect to see cross border related party transactions priced according to the arms-length principle - creating a top priority list item for every entity transacting cross-border with related parties.
Government’s interest deductibility rules the most controversial tax policy to date were changes to the tax system to counter what it saw as favourable treatment for investors in residential housing.
At a time when we need a once in a century Budget to lift us out of our Covid recession, the Government’s response to stimulating growth and investing in critical areas under stress has never been more important.
In a bid to ease New Zealand’s housing crisis, the Government has introduced new legislation that will impact current owners of residential investment property and new purchases made on or after 27 March 2021.
A major change has been made to how NFPs can claim GST credits on their assets.
As the nation forges a brave new world in the midst of a global crisis, this year’s Budget announcement will remain among the most significant ever delivered in New Zealand’s history.
Last year this Government delivered its first fiscal plan – the Wellbeing Budget. Fire up the money cannon, because 2020 is going to be the year of the Recovery Budget.