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Let’s talk tax: changes to GST and KiwiSaver

accelerateonline • May 5, 2022

GST

Goods that are exported from New Zealand can be zero-rated, with GST being able to be claimed on purchases or expenses incurred in providing those exports. Recent changes to the GST rules which impact the export of goods include:

  • where goods are imported or exported, the domestic (New Zealand) transport portion of the goods can also be zero-rated
  • goods provided ‘free on board’ to both resident and non-resident can be zero-rated, provided the goods are entered for export by the supplier, and the recipient physically exports the goods from New Zealand (previously this only applied to supplies of such goods to non-residents)

While not affecting New Zealand farmers directly, non-residents can now claim import GST (NZ GST levied at the border) provided the imported goods are sold to GST registered persons in New Zealand. This will allow for more efficient processing of GST costs on imports where this applies.

KiwiSaver

If you have employees signed up to KiwiSaver, let them know they can now request changes to their rate through their myIR account or by contacting their KiwiSaver scheme provider.

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Livestock Special Alert 2023

By accelerateonline • June 12, 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.

Livestock Special Alert 2023: Dairy Cattle

By accelerateonline • June 12, 2023
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.

Livestock Special Alert 2023: Beef

By accelerateonline • June 12, 2023
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.

Livestock Special Alert 2023: Sheep

By accelerateonline • June 12, 2023
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.

Livestock Special Alert 2023: Goats

By accelerateonline • June 12, 2023
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.

Accelerate Budget Special Alert 2023

By accelerateonline • May 21, 2023
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.

Tax

By accelerateonline • May 21, 2023
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.

Infrastructure

By accelerateonline • May 21, 2023
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
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