1. Easier for businesses to pay tax
Budget 2016 will include a positive tax package aimed at making business easier for small and medium-sized business operators.
The package will make paying tax easier and more certain, will reduce the burden of interest and penalties and will assist smaller businesses to better tailor payments to their own circumstances.
- Provisional tax is being reformed with a new pay-as-you-go option to provide smaller.
- businesses a way to pay tax as they earn income from 1 April 2018.
- Use-of-money interest will be eliminated or reduced for the vast majority.
- Contractors will be able to choose a withholding tax rate that suits their needs.
- The ongoing 1 per cent monthly penalty will be scrapped from 1 April 2017 for new debt.
To find out more, and to provide comment on the proposals before they take effect, visit: www.makingtaxsimpler.ird.govt.nz. Submissions are requested by 30 May.
2. Free online data service for business
Government has launched Business Figures, a new online data tool to help businesses grow and thrive by providing easily accessible and understandable data.
Business Figures is the result of an innovative public-private partnership between Figure.NZ, ASB Bank and Statistics NZ. Figure.NZ has produced a free online service for businesses using data from a range of sources, including Statistics NZ.
Small businesses are vital to New Zealand’s economy. Business Figures will help small businesses continue to punch above their weight by providing valuable insights into their industries, communities and markets.
Business Figures is available at: https://figure.nz/business
3. Business confidence
Our region is enjoying continued investment with new retail precincts and business parks, and reported profitability levels consistently higher than national average. According to the latest North Canterbury Business Opinion Survey, 38% of businesses surveyed have seen an increase in profitability over the past 6 months and 29% have gown their outputs or sales.
Employment also continues to grow with 38% of businesses surveyed expecting to increase the number of staff they employ over the 6 months following the survey.