Increased Write off for Asset Purchases

| Categories: New Zealand

IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

The New Zealand government has announced some tweaks to the tax system to assist businesses. It’s not a benefit or cash bonus, but could reduce your tax bill for the 2021 tax year.

Here’s the outline from the video:

  • For the 2021 financial year you can write off asset purchases of up to $5000 (usually $500)
  • From April 2021 will reduce to $1000 permanently
  • Doesn’t cover March 2020
  • Not really a cash bonus

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