Jobs and Growth Plan tagged posts

Other Tax Changes and Reactions

February 5, 2009 New Zealand Taxation  No comments

Along with the changes to New Zealand taxation announced in the government Jobs and Growth Plan that were published yesterday, other changes were made.

Businesses are now able to provide up to $300 worth of fringe benefits per quarter per employee without attracting Fringe Benefit Tax. Further, the interest rate on for low interest employee loans has been reduced from 10.9% to 8.05%. Government press releases are vague in regards to some changes, although they are positive changes to business. These include simplification of some tax systems and alteration of some expenditure thresholds.

These changes will take place alongside the next set of personal tax cuts, on April 1st 2009. Changes to the Provisional Tax system will take place on the 1st of March...

Read More

Eleven Changes to NZ Taxation Announced

February 4, 2009 New Zealand FinanceNew Zealand Taxation  No comments

The government of New Zealand has announced eleven changes to the tax system in their Jobs and Growth Plan.

Aimed primarily at improving the situation for small and medium businesses, the Jobs and Growth Plan is currently constructed out of eleven changes to the taxation system, along with four changes with the same aim but not in regards to tax.

The two main aspects of the new changes are a lowering of the tax underpayment interest rate to 9.73% (from 14.24%) and the removal of the mandatory 5% yearly increase on Provisional Tax estimates. Other changes include the GST registration threshold which is lifted to $60,000 and the GST payment threshold which is now $2 million.

Legal expenditure of less than $10,000 can now be fully deductible...

Read More