This year the Government is working to introduce a new tax incentive for businesses conducting research and development, the research and development tax incentive  (RDTI). The RDTI will give businesses a 15% tax credit if they spend a minimum of $50,000 per year on eligible R&D. Businesses spending less than $50,000 may still be eligible, so long as they are using an approved research provider to carry out their R&D. The Taxation (Research and Development Tax Credits) Bill is about to go before Parliament for its Second Reading. If passed into law, the RDTI will take effect from the beginning of a business’s 2019/2020 income year.

Alliott NZ Chartered Accountants is recognised as one of Chartered Accountants Australia and New Zealand’s (CAANZ) Top 30 accounting firms in New Zealand for the second year running.

The strong global economy is feeding through into solid export prices and volumes in New Zealand. Though some timing issues were likely at play, merchandise exports in December were spectacular.

More than a third of businesses are concerned about cash flow. One in three small/medium business (SME) owners spend their evenings doing business administration and nearly 30 per cent of SME owners want to spend less time at work, according to Xero.

Whether you’re starting out or a well-established business, government agencies offer a range of support — from mentoring and grants to capability building — to help NZ small businesses succeed.

The Government’s plan for growth is sensible conservative fiscal policy, strong orthodox monetary policy, and an ongoing programme of microeconomic reform that enhances the competitiveness and confidence of Kiwi businesses.

It is crucial that we pull on all three of these levers.

$2 billion a year Family Incomes Package announced, commencing 1 April 2018 that will make changes to tax thresholds, Working for Families and the Accommodation Supplement to help Kiwi families get ahead.

The Minister believes it is a first step towards simplifying the income tax system.

It’s too early to tell whether what was released in this year's Budget will be amplified before the election. The fiscal tank doesn’t feel empty by a long shot.

New Zealand is in an enviable position globally that we can’t afford to squander, according to Budget commentators Deloitte.

New Zealand building consents fell last month as a drop-off in Canterbury construction intentions offset growth in other regions, although Auckland continued to lag behind the estimated level needed to match growth in housing demand. (Sourceable)

Statistics New Zealand reported more than $4 billion worth of activity was put in place in the three-month period - the most since records began.

Whilst it’s exciting times for construction and the trades servicing the sector, have you thought about how to future proof your business and take advantage of the upswing?

#helpingyoutradebetter