Budget 2023: Our contributors

Budget 2023 will be centred around the Government’s approach to balancing the short and long-term initiatives supporting Kiwi households through recent climate-related events and cost of living pressures, while maintaining focus on growing the economy through considered investment to improve productivity.

We know that our healthcare system is in trouble: there is less planned care, longer waiting times in our emergency departments, diminished access to GPs and fewer childhood immunisations than prior to COVID-19, despite budgets having risen significantly and despite additions to our workforce. This implies system performance challenges are broader than workforce shortages alone.

It’s no secret that the Inland Revenue has been working on the development of a “Tax Principles Act,” the item has been on the tax policy work programme and has been referenced by the Minister of Revenue during his 2022 and 2023 speeches on tax fairness.

From 1 April 2023, there will be new FBT exemptions for public transport, bikes, scooters and bike/scooter-share services. In this article, we explain these new exemptions and practical issues employers will need to consider.