Wolters Kluwer New Zealand

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialised technology and services.

Bell Gully

Bell Gully is a leading New Zealand corporate law firm with extensive commercial, corporate, taxation, finance, banking, litigation and commercial property experience. We are consistently recognised as the market leading legal tax team in New Zealand. From general corporate tax advice, including corporate restructuring, acquisitions and divestments, securitisation and financing to helping clients resolve tax disputes at all levels, customs and excise matters and set up trusts, our clients rely on our tax specialists for their technical excellence, commercial sense and ease of doing business.

Introducing CCH Parliament

CCH Political Alert service now covers the New Zealand jurisdiction. Choose from 57 topics and over 580 sub-topics across Australia and New Zealand to create customised alerts for your organisation. Learn more about our immediate, customised, and unbiased political monitoring via CCH Political Alert.

Budget 2021 highlights

All quiet on the tax front

Finance Minister Grant Robertson’s 2021 budget is a cautious balancing act between incurring further debt and increasing spending on measures designed to reduce child poverty.

After the dramatic March tax announcements that caused a tailspin among property investors, Budget 2021 is silent on any significant new tax proposals. 

However, the Government’s Budget 2021 document refers to an initiative to “collect information on the level of tax paid by high-wealth individuals and their related entities. This information will be used to develop basic research to understand the overall distribution of income and wealth.” 

Specific announcements that affect the business community are:

  • Industry Transformation Plans across 7 areas of the economy — advanced manufacturing, agritech, food and beverage, digital, construction, tourism, forestry and wood processing
  • infrastructure spending of $57.3 billion from 2021 to 2025 (including $10 billion for roads and public transport projects and $810 million on rail)
  • extending the Training Incentive Allowance for employment-related training
  • funding for a digital skills training programme for up to 60,000 small businesses, with supporting advisory services to help 30,000 businesses create digital business action plans
  •  $200 million to drive recovery in the tourism sector, with particular focus on Kaikoura, Mackenzie District, Queenstown Lakes, Fiordland and South Westland 
  • $15 million to support Māori tourism operators.

As part of the Government’s plan to reduce child poverty, there will be increases to benefits:

  • All benefit rates will increase by $20 a week from 1 July 2021.
  • A second increase will occur on 1 April 2022, with main benefits lifted in line with Welfare Expert Advisory Group (WEAG) recommendations.
  • Families and whānau with children will also receive a further $15 per adult per week from 1 April 2022.

The Government will increase the Minimum Family Tax Credit threshold from 1 July 2021 as a consequence of those increases to benefits. 

What's in this Budget Report

•    Budget 2021 highlights
•    Budget initiatives: Social policies
•    Social unemployment insurance scheme
•    Industry transformation plan
•    Digital skills training programme
•    Regional Strategic Partnership Fund
•    Resource Management Act
•    Water infrastructure
•    Climate Change
•    Taxation principles
•    Free trade agreements
•    Fiscal outlook
•    Emissions trading scheme

New Zealand Budget Report