1 April 2023 – 31 March 2024 When an accountant prepares and files a tax return in New Zealand there are a number of areas where Inland Revenue (IR) focuses their attention should they choose to scrutinise that return. When a tax return is flagged for a review or audit,…

The recent BDO Business Wellbeing Index, capturing insights from over 650 business leaders, suggests a lot of wavering confidence and apprehension in the markets. Following the election, a surge of positivity swept through the business community, with 61 per cent expressing optimism about their performance. However, this euphoria has since…

In March, retail spending in New Zealand fell by 0.7 per cent compared to February, following a 2 per cent decline in the previous month. This downward trend, characterized by Westpac senior economist Darren Gibbs as “very weak,” underscores the challenges facing the retail sector. Despite a 3 per cent…

This decline in residential construction activity reflects broader challenges facing the housing sector and the economy as a whole. According to Statistics NZ, only 36,276 new dwellings received consent during this period, marking a notable decrease of 24.8% compared to the preceding year and 27.2% compared to the year ending…

The latest ANZ Business Outlook Survey for March revealed a notable decline in business confidence, with recorded levels dropping by 12 points to +23. Similarly, both the expected own activity measure and past activity figures saw decreases, indicating a general sense of unease among businesses. ANZ Chief Economist Sharon Zollner…

As climate change becomes an increasingly pressing issue, governments around the world are beginning to take action to protect their citizens and their economies. According to a New Zealand government minister, increasing individual wealth could be key to helping individuals and the economy absorb the impact. The Minister of Commerce…

The recent decision by the RBNZ to maintain the Official Cash Rate at 5.5 per cent for the sixth consecutive meeting has dashed expectations for immediate relief, echoing forecasts made by economists. As such, it will be some time before we can return to pre-pandemic levels. The RBNZ’s stance reflects…

As 2024 unfolds, Kiwis find themselves bracing for further economic turbulence in the short term, with the cost-of-living crisis continuing to exert pressure on households. However, amidst these immediate challenges, there are glimmers of hope on the horizon, particularly for mortgage holders who may see relief in the medium to…

Homeowners in New Zealand are turning to short-term fixed-rate mortgages as recovery is on the horizon. This trend signals a departure from the traditional long-term fixed-rate loans that have long dominated the mortgage market. With the Reserve Bank of New Zealand’s recent decision to maintain historically low interest rates, many…

New Zealand’s government has recently declared a 2 per cent increase in the minimum wage, equating to a 45-cent hourly raise, effective April 1. This adjustment will elevate the minimum wage to $23.15, up from the previous $22.70, marking the slowest growth rate in a decade. Despite this raise, concerns…