With a new government in place, it’s natural to wonder about potential changes, especially when it comes to taxes. Given the coalition nature of the government, it’s essential to grasp how these tax policies might unfold and impact various sectors, including sole traders.
At Outside Accounting, our focus is on simplifying tax matters for sole traders. We’ve delved into the coalition agreements to decipher what the future might hold, so you can focus on your business without worrying about tax intricacies.
Here’s a breakdown of what you need to know:
Why the Focus on Income Tax? Heading into the 2023 election, tax issues took center stage, especially amidst concerns about inflation and rising living costs. One critical aspect discussed was income tax, particularly its implications as inflation erodes the value of earnings.
To illustrate, consider the median salary in 2013 compared to its equivalent in 2023, adjusting for inflation. Despite earning more, individuals end up paying a higher effective tax rate due to stagnant tax rate thresholds.
Policies That Were Scrapped While many tax plans made it through, some proposals were abandoned, such as the reversal of the “app tax” and the foreign buyers tax.
How Outside Accounting Can Help Navigating these tax changes can be overwhelming, but with Outside Accounting, sole traders can breathe easy. Our comprehensive tax service ensures all tax obligations are met seamlessly, allowing you to focus on your business without the hassle of tax compliance.
For a nominal fee, we handle everything from income tax to GST, ensuring you stay compliant while maximizing tax savings. With our support, you’ll never have to worry about taxes again.
While these proposed changes offer insights into the future tax landscape, uncertainties remain. However, with Outside Accounting’s expertise, sole traders can navigate these changes confidently, knowing their tax affairs are in capable hands.
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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