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New Zealand Finance Minister, Grant Robertson, has been placed in the spotlight recently, following attempts to brush off criticism around the controversial "stealth tax'' and claims the approach has been highly ineffective.
In 2020, the coloquial “tax-grab” will no doubt become even tougher to justify, as more income from everyday New Zealanders including tradespeople, teachers, nurses and police will be shifted to a higher tax bracket.
The pressure on the New Zealand Government to rectify the well-publicised “bracket creep” will no doubt increase as well. Tradespeople will need to be particularly cautious, especially if they have - up until now - been managing their own accounts. A paper from Inland Revenue and Treasury notes that, if the thresholds were instead adjusted for inflation, they would have “risen from $14,000 to $15,232 (10.5 per cent), from $48,000 to $52,223 (17.5 per cent) and from $70,000 to $76,159 (30 per cent).
TradesAccountants focus solely on trades businesses and people throughout NZ, and is a specialised division of award-winning Advisory Accountants, a company established in 2003 which has gone from strength to strength.
Their full range of accounting, tax and financial services cover everything a professional accountant would, while always keeping a tradie’s point of view. The team at TradesAccountants pride themselves on understanding the challenges faced by Kiwi tradies in the day-to-day, the unique issues they can face, and ensuring each of their clients can focus on what they love doing - getting out in New Zealand and working hard every day on their valued trade.
To learn more about the range of accounting, tax, and financial services for trades businesses across New Zealand, visit www.tradesaccountants.co.nz today or call the team at TradesAccountants on 0800 237 6825 to receive down-to-earth accounting and business advice that every Kiwi tradie deserves.