Note - Covid 19 $5000 Low Value Asset Write-off Threshold Ends 16th March
The 12 month Inland Revenue Covid 19 assistance of being able to expense any asset purchase below $5000 is coming to an end. This option ends on the 16th of March 2021. This was a one-time/year deal.
If you are thinking about buying an asset for your company or sole trader organisation then it may be worth getting your purchase in before this date so that it can be immediately expensed rather than held as an asset and depreciated over a number of years. Thereby reducing this year's income tax.
I.e. New Asset $4500 - claim GST of $586.96, Net Asset Expensed $3913.04 = Reduction of Income Tax at the company rate of 28% =$1095.65
From the 17th of March the new rate of $1000 applies to the low-value asset write-off threshold.
But remember this only works out financially if it was actually an asset that you needed to buy in the coming months. I can't tell you the number of times I have heard of people spending money on things they did not really need in order to reduce their tax. It is a misunderstanding that is all too common.
Auckland Seniors & Travel Expo
Neighbourhood locals are invited to the Auckland Seniors & Travel Expo, a relaxed and welcoming event bringing lifestyle, leisure, and travel together under one roof. Meet 50+ exhibitors showcasing travel ideas, retirement living, mobility solutions, health services, finance, and local clubs. Enjoy live music from Kulios, café seating, door prizes, and be in to win a Luxury Beachfront Escape for Two to Rarotonga.
North Harbour Stadium
28 February & 1 March
10:00am – 3:00pm
$10 entry
Poll: Should the government levy industries that contribute to financial hardship?
As reported in the Post, there’s a $30 million funding gap in financial mentoring. This has led to services closing and mentors stepping in unpaid just to keep helping people in need 🪙💰🪙
One proposed solution? Small levies on industries that profit from financial hardship — like banks, casinos, and similar companies.
So we want to hear what you think:
Should the government ask these industries to contribute?
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60% Yes, supporting people is important!
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25.7% No, individuals should take responsibility
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14.3% ... It is complicated
Poll: Should complete designs be shared with the public, or should the community help shape the designs from the start?
The Post recently shared an opinion piece on the Harbour Crossing and why a more democratic approach might be needed 🚗🚲👟
While most decisions sit within the political arena, many organisations—like NZTA—manage long-term projects that go beyond party lines. Politics can sometimes disrupt progress, and the next Harbour Crossing is a big decision that will affect all Aucklanders.
We’d love your thoughts: Should near-complete, shovel-ready designs be shared with the public, or should the community have a hand in shaping the designs from the start?
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88% Community feedback and transparency is needed.
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12% No. This would be impossible in practice.
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