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What does the 2023/24 budget mean for your business?

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The 2023/24 budget has accounced by Finance Minister Grant Roberton and approved by Parliament. The focus of this budget is to help Kiwis cope with the rising cost of living and the effects of recent weather events, as well as improve public infrastructure.

It also brings impacts on local small business owners. Let’s dive into how this budget might affect your businesses, as well as some key action points to consider.

Increases in the trust tax rate

The budget has proposed a significant increase in the trust tax rate, from 33% to 39%, which would come into effect from the 1st of April, 2024. This measure is in keeping with the highest personal income tax (39%). Before this potential change is implemented, high-income earners who annually earn more than $180,000 could set up trusts to reduce their taxes as the trust tax rate is at 33%. 

A higher trust tax rate, along with stricter compliance rules, may discourage people from using trusts for tax avoidance.

If you have a trust, speak with your accountant about how this change might affect you and your business. If you don’t have an accountant, sign up with us and receive a dedicated business accountant to take the weight of accounting off your shoulders.

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A rebate for the gaming industry

The gaming industry has received a big boost from the budget.

The government has introduced a 20% tax rebate for game development businesses which have spent more than $250,000 per year.

The goal of this move is to fuel the growth of the gaming sector and help it compete with other countries that offer similar incentives. With more investment, innovation, and talent attraction initiatives, the gaming industry has the potential to generate billions of dollars in revenue for the country.

It’s worth noting the final design of the scheme will be subject to consultation.

Wider community support

The budget seeks to provide increased community support for small business owners, such as increased funding for healthcare, education, and infrastructure. These areas are essential for the long-term growth and well-being of both the country and the economy.

There are many ways this has been implemented. For example, the budget has allocated funding for the Apprenticeship Boost programme and you no longer need to pay $5 to pick up a funded prescription.

These were some of the key highlights of the 2023/24 budget. For more detailed information, please visit the official Budget 2023 website.

How can we make the most of the 2023/24 budget?

Here are some practical tips from our accountants:

  • Review your budget and cashflow projections, and check how changes in tax affect your income and expenses 
  • Seek advice from your accountant on the Budget, and how you can optimise your tax situation 
  • Get in contact with other business owners and share your experiences, challenges, and solutions. Skill sharing can bring you valuable insights or partnerships that can help grow your business.

Who are Beany? 

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant would. ​

We have a dedicated team of remote accountants to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Talk to one of our team members or get started for free today.  

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Tori Ma

Performance marketer

Performance marketer at Beany, and into true crime documentaries.

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