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NZ Mini Budget Tax Takes

Vanessa Williams
Published on

Finance Minister Nicola Willis yesterday delivered her “mini budget”

The key tax takes from this were:

  • The Brightline test will be reduced back down to 2 years for residential properties sold after July 2024
  • Depreciation on commercial buildings will be removed from April 2024, expected to save $2.3 billion over 4 years
  • Willis confirmed the commitment to fully restoring interest deductibility on residential investment properties but said details would not be announced till the new year
  • Willis also said it remains the intention to make tax cuts in the 2024 Budget but “first they have to do the work”.
Just a reminder that our office is closed from midday today and will reopen on 8 January 2024.  

From the Team at Alliotts, we wish you a Merry Christmas and a Prosperous New Year!

Topics: budget deductions depreciation New Zealand property tax

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