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June 2024

Tax changes to Trusts in new Zealand

Budget Summary for Small Business Owners with Trusts in 2024

From 1 April 2024, trustee income tax rises to 39%. Trusts earning <$10,000/year and certain special trusts stay at 33%. Inland Revenue clarifies what actions are acceptable. Will this apply to your trust and what actions should you take if it does?
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NZ Budget announces tax relief package to thousands of New Zealanders.

New Tax Thresholds in 2024 Budget

The New Zealand government has unveiled its 2024 Budget with a core election promise delivered regarding tax relief of $2.57b through bracket adjustments. With an adjustment to income brackets, tax rates remain the same but the thresholds are raised.
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