Levi Chartered Accountants

17/08/2026

Labour's proposed tax changes - what they could mean for your small business.

There are a couple of proposed changes that could have a meaningful impact on small businesses:
📌 Immediate asset write-off: proposed increase from $1,000 to $10,000
📌 GST registration threshold: proposed increase from $60,000 to $80,000

These changes could reduce administration and help businesses manage cash flow — but they are proposals, not changes to the rules you should be applying today.

Even if they become law, the changes will not necessarily take effect immediately. The legislative process and commencement dates still need to be confirmed.

The National Party has yet to release its proposed tax policies in this area. We’ll continue to monitor developments and keep you updated as further announcements are made.

👉 Read our latest article to understand what the proposed changes could mean for your business. https://levica.co.nz/index.php/2026/08/17/labours-proposed-small-business-tax-changes/

22/06/2026

Staying on top of tax deadlines is one of the simplest ways to avoid unnecessary penalties, interest, and last-minute stress.

Whether you’re a business owner, sole trader, property investor, or trust, understanding your key tax obligations throughout the year can help with cash flow planning and ensure you remain compliant with Inland Revenue requirements.

Read our latest article to learn more about GST and Provisional Tax due dates.

https://levica.co.nz/index.php/2026/06/22/key-provisional-tax-and-gst-due-dates-for-the-financial-year/

22/06/2026

For many New Zealand charities and other Public Benefit Entities (PBEs), the reporting season is well underway.

If your organisation has a 31 March 2026 balance date and is registered under the Charities Act, your Annual Return must be filed with Charities Services by 30 September 2026, unless you have been granted an extension. Registered charities are generally required to file their annual return within six months of their balance date. Read our latest article to find out more!

https://levica.co.nz/index.php/2026/06/13/reporting-season-reminder-annual-returns-due-by-30-september-2026-for-many-charities/

13/06/2026

Introducing our new home for blogs and articles. This way you have one place to find all the information you need relating your tax and compliance obligations. As well as ways to make the most of your business and cashflow. We'll let you know on here when a new article is published. Watch this space!

Otherwise, feel free to click on the link below to check out our articles. https://levica.co.nz/index.php/home/articles/

16/02/2026

KiwiSaver Contribution Rates Increase from 1 April 2026!
The minimum KiwiSaver contribution rates will increase from 3% to 3.5% for both employees and employers.

This change will impact take-home pay, payroll processing, employment agreements, and business costs, so now is the time to prepare.

These changes are designed to strengthen long-term retirement savings and improve financial outcomes for New Zealanders. These changes are a positive move for long-term retirement savings, and they will require proactive planning. Here’s what you need to know.

**If you are an employee**
If you are contributing at the current minimum rate:
> Your retirement savings will grow faster due to both higher personal and employer contributions.
> You can choose a higher contribution rate if it suits your financial goals.
> Your take-home pay will reduce slightly from 1 April 2026.

Tip: Now is a good time to review your household budget and ensure you're prepared for the small reduction in net pay.

**If you are an Employer**
For employers, this change means:
> Increased payroll costs
> Updates required to payroll systems
> Possible adjustments to employment agreements if remuneration is structured as Total Remuneration Packages
> Reviewing cashflow forecasts and budgets for the 2026 financial year

Remember: Employer contributions are generally subject to Employer Superannuation Contribution Tax (ESCT). The increased rate may also increase ESCT obligations.

***If you’d like help preparing your business or understanding how the changes affect you personally, get in touch with our team.***

17/12/2025

Wishing all our clients a very merry Christmas and a happy New Year. It’s been a privilege to serve you throughout 2025, and we hope you enjoy a restful break with friends and loved ones.

Levi Chartered Accountants will be closed from Monday, 22 December and will reopen on Monday, 5 January. If you have any urgent requests during this period, please don’t hesitate to get in touch.

Ngā mihi nui and warm festive wishes from our team to yours.

19/11/2025

Lifestyle block with a few cattle? Here’s what IRD wants you to know.

September–November is the busiest time of the year for our rural community. Farmers across the region are in the thick of calving and lambing, fencing repairs, pasture work, spraying, and getting their properties ready for the summer dry.

If you have a lifestyle block, like me, chances are you’ve got a few cattle, mainly to keep the grass down or simply because it’s nice having animals around.

You’re not alone. Plenty of lifestyle block owners aren’t operating farms, and that’s where the tax rules can get confusing.
Here’s the simple version:

If you’re not running a genuine farming business, you’re usually not taxable on income from selling stock. Most lifestyle block owners with a small number of cattle and no real intention to make a profit are treated as hobbyists, not businesses.

What this means for you:
• No GST registration required:
If you’re under the $60k annual turnover threshold and it’s clearly a hobby, there’s no need to register for GST.
• Income tax generally doesn’t apply:
Selling calves, cull cows, or the odd extra animal usually doesn’t trigger income tax when there’s no profit motive.
• Expenses aren’t claimable either:
Because the activity isn’t a business, you can’t deduct costs like feed, fencing, vet bills, fertiliser, or home-block maintenance.
• Keep it consistent:
If you start increasing stock numbers, breeding to sell, or developing the land to earn a regular income, IRD may view it as a business, and the tax rules will change.

Every property is different, and the line between “hobby” and “business” can move quickly, especially out here, where lots of families start small and build over time.

If you’re unsure how IRD would view your actions, or if you’re considering scaling up, please get in touch. We’ll help you understand the tax impacts before you make changes.

Message us today for clear, practical tax advice for rural and lifestyle properties.

03/11/2025

Buying a new vehicle for your business?
A common myth is that you can claim the full cost as an expense on your tax return. In reality, a vehicle purchase is capital expenditure, NOT an immediate deduction.

The good news is that, from 22 May 2025, you may be able to claim 20% of the cost of eligible new assets upfront under the Investment Boost, and then depreciate the remaining 80% as usual.

Example:
If you buy a vehicle for $50,000, in the first year, the Investment Boost lets you:
•Deduct $10,000 upfront (20% of cost)
•Depreciate the remaining $40,000 at 30% p.a., diminishing value > $12,000 in the first year

Total First-year deduction: $10,000 + $12,000 = $22,000, or 44% of the total vehicle cost.

This means you pay less tax in that (first) year. Because money saved today is worth more than money saved later, this helps you save more overall.

Quick tips:
•New vehicle = capital expenditure (Investment Boost may apply)
•Repairs & maintenance = usually deductible
•Any business asset over $1,000 = capital expenditure

Note: The Investment Boost applies only to new assets (or those new to New Zealand). Second-hand purchases usually don’t qualify.

Get in touch for a free 15-minute consultation call.

28/10/2025

We will be watching this closely and will let you know what this could mean for you if this is implemented. It's still too early to tell. Plenty of questions, so it will be interesting to see how (and if) this plays out. Watch this space.

Labour has agreed to campaign on a tax covering just some property to help fund a limited number of free GP visits.

06/10/2025

Provisional tax helps you manage your income tax by spreading payments across the year — rather than facing a large lump sum at year-end.

If you have a March balance date and use the ratio option, your next provisional tax payment is due on the 28th of October.

Most provisional taxpayers with a March balance date using the standard or the estimation method, your provisional tax due dates are 28th August, 15th of January and 7th of May.

Staying on top of your obligations not only helps manage cash flow but also avoids unnecessary penalties or interest.

If you’re unsure how your provisional tax is calculated or want to review your payments, get in touch — we’re here to help you plan ahead with confidence.