Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Good News for Small Business in Government Budget 2016

Good News for Small Business in Government Budget 2016

- Small business tax package, provisional tax changes, a huge plus for business owners


AUCKLAND, 26th May, 2016 - Today’s release of the 2016 Government Budget is good news for New Zealand’s small business economy, says Xero’s Managing Director Anna Curzon.


The $187 million small business tax package announced in this Budget will reduce compliance costs and make life simpler for small business owners.

“This move by the Government, in partnership with the private sector, is helping make tangible changes to policies for the good of industry. This is a fantastic step in the right direction for small businesses.”

The Provisional Tax changes, with a new pay-as-you-go option that allows small businesses to pay tax as they earn income, means they won’t have to guess a year in advance what their profit will be.

“This is huge for small businesses, as Provisional Tax is the bane of small business owners’ lives. Previously they had to guess how much money their business might make in the future and forward pay this tax.

“As part of these changes Xero will be able to enhance the current GST processes for small businesses, which means they can pay their provisional tax returns at the same time they pay their GST return. This will reduce compliance, time and effort for small business owners and align their provisional tax payment to their cash flow.”

Budget 2016 also encourages training in disciplines such as science, engineering, agriculture and jobs in the trades, which will provide a larger pool of highly-skilled employees that can help grow small businesses in New Zealand.

“Many New Zealand businesses are challenged by the constant global competition for talent. 170,000 roles will need to be filled in the next four years in those sectors, and it’s great to see an opportunity to arm New Zealanders with the expertise needed to fill them.

“However we should be looking at other ways to harness our talent across New Zealand. To have a significant impact on our own sector in technology, we need to think creatively to unlock talent in the short term. While training and retraining will be a key factor, technology tools and fast broadband can allow our local talent to work from anywhere in New Zealand. This will relieve pressure on housing in the metro areas and create opportunities for our provinces.”


ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>