Which tax changes affect you and your business?

There are more than 100 tax changes that took effect this financial year, and some of them may be relevant to you.

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Here’s a brief summary:

• Matariki is now a public holiday for tax purposes.

• GST for groups; importers and exporters; crypto assets; and record keeping.

• Some rates changed, including the minimum thresholds for ACC earners’ levies and student loan repayments.

• Trusts now have additional reporting requirements in place.

• Sales suppression software that alters EFTPOS sales data is prohibited.

• Working for Families tax credits were increased.

• Child support rules have been amended.

• The bright-line test is now 10 years, with a 5-year rule for the initial owners of new builds.

• Rental interest deductibility phase-outs continue, with some exemptions.

• Fringe benefit tax has a new calculation method, and unclassified benefits have been clarified.

For more information, you can visit the Inland Revenue’s dedicated page covering all these changes.