What: A $187m tax package aimed at reducing compliance costs and simplifying taxes for small and medium-sized businesses over the next four years. The package:
- Focuses on making paying provisional tax much easier and simpler.
- New pay-as-you-go system for businesses with revenue of $5m a year or less can pay provisional tax directly through their online accounting provider.
- Reduces interest and penalties.
What: $761m for Innovative New Zealand — a package to encourage skills, entrepreneurship and economic growth. The funding boost aims to increase the skilled workforce available to small businesses. This will include funding for two areas:
What: $94.4m of new funding for regional economic development over the next four years. The funding will go towards:
- $44m for the Regional Growth Programme to help regions develop new business investment and growth.
- $8m for the Regional Business Partners Programme — operated by NZTE and Callaghan Innovation — to extend support of small businesses for business development and research.
Find your Regional Business Partner
What: $15m over the next four years for programmes that speed up commercialisation of new technologies. This includes:
- $12m for small businesses that grow out of research from universities or crown research institutes.
- $3m for helping start-up tech businesses.
2016 Budget — Beehive.govt.nz