The Business Advisory Blog

The Business Advisory Blog

Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

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