The depreciation rate for non-residential buildings has been reduced to 0%, effective from the 2024 / 25 income year. However, commercial fit-out remains depreciable. This makes the distinction between the two important because it is the difference between not being able to deduct any depreciation at all versus being able to claim a good proportion of a building’s cost as ‘fit-out’.

New Zealand, known for its natural beauty, also offers a robust and attractive environment for business, and can be particularly attractive to investors from the Asia-Pacific (APAC) region. The country’s top position in the World Bank’s Ease of Doing Business index highlights the streamlined nature of its regulatory framework.

For the first time since 2010, personal tax rate thresholds will change from 31 July 2024. The change was announced as part of the 2024 budget. When personal tax thresholds are not regularly adjusted to take into account inflation or wage growth, individuals end up paying a higher percentage of their income in taxes over time. As such, adjusting these thresholds arguably reverses past tax increases.