Increased Write off for Asset Purchases
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