As recruiters, we hear about it all – businesses that nurture and grow their staff and businesses that don’t support their staff in their professional development. In the ever-changing realm of taxation, it’s imperative for accountants to stay informed about frequent changes. Tax laws undergo revisions influenced by government policy shifts, economic conditions, and global trends. Whether it’s amendments to income tax rates, updates to GST regulations, or new reporting requirements, accountants must remain vigilant to ensure compliance and optimise financial outcomes for their clients. Embracing a proactive approach to staying informed allows accountants to cultivate trust with their clients and provide invaluable guidance in navigating the ever-changing tax updates.

Continuous Learning Strategies

Engaging in continuous professional development, attending tax seminars, and subscribing to reputable tax publications are vital strategies for accountants to stay current. Moreover, leveraging technology and software solutions streamlines tax compliance processes, enhancing efficiency and accuracy.

Some of the proposed tax updates for 2024:

Individual Income Tax Thresholds
The National Party proposed updated brackets, likely confirmed with the budget announcement, effective from 1 July 2024.

IETC Eligibility
The Independent Tax Earner Credit eligibility is set to increase to $70,000 from $48,000, with the lower limit remaining at $24,000.

Interest Deductibility
Phased return of mortgage interest deductibility for residential investment properties:

  • 80% deductible in 2024/2025
  • 100% deductible from 2025/2026.

Bright-Line Test
The bright-line test period for investment properties returns to two years from ten years from 1 July 2024.

Offshore Gambling Duty
From 1 July 2024, offshore casino operators must pay a 12% gaming duty on profits.

Trustee Tax Rate
Increased to 39% from 33% for the 2024/2025 tax year.

Upcoming Events: Budget 2024
The Minister of Finance, Hon Nicola Willis, will deliver Budget 2024 on 30 May 2024, setting out the Government’s goals for its term of office and fiscal strategy. 

Investing in Your Development
Continuous training and development are vital for accounting professionals. As recruiters, we provide consultation and support to ensure roles align with career aspirations. If your current role lacks focus on upskilling – get in touch with the team at Tyler Wren to find the right recruiter for you.

Find out more about Tyler Wren’s Public Practice Recruitment here.

To find out more about the salary and benefits in the New Zealand Public Practice space, download our 2023/2024 Public Practice Salary & Benefits guide.

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