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

 

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>