Last week, the New Zealand government released their 2017-18 Budget. In contrast to Australia’s budget, the New Zealand budget didn’t propose any radical changes in the small business sector.
However, that doesn’t mean you won’t end up with any benefits.
Tax rate changes
Tax rate changes mean $11 more in the pocket per week for those earning over $22,000, and $20 per week more for those earning over $52,000. This won’t only give you more money in your pocket, but your team as well.
Working for Families
Working for Families tax credits will also rise, by $9 per week for the first child, and $18-27 per week for the next, depending on their ages.
Infrastructure and housing budget
You might also be one of the thousands of tradies who’ll win new work, as $32.5 billion has been slated to be spent on infrastructure, with $2.7 billion set aside specifically for housing. Along with creating new housing stock, a further $1billion has been set aside for rebuilding Kaikoura. There’s going to be an increased demand for skilled tradespeople like you.
Rural broadband extended
Lastly, for Tradify customers, extensions to the rural broadband scheme will help ensure you have access even in the most remote corners of the country.
Learn more about the key changes in the 2017 Budget, and have a chat to your accountant to make sure you’re taking advantage of all possible deductions.
Do you stand to benefit from any of the budget announcements? Will you see more cash-in-hand each month? Share your thoughts in the comments or on FB.