Tax changes in the 2014 Budget
If, like me, you are self-employed, you’ll know the three days in the year I dislike the most: 28 August, the 15 January and the 7 May. These, of course, are the days when we have to pay our Provisional Tax and GST.
It’s great to hear then that our Government — unlike so many others in the world — is returning to surplus, which means that in the longer term, we’ll pay less taxes because the Government won’t be paying huge amounts of interest. The funny thing is that because it was expected, it’s been shrugged off as a non-event! Returning to surplus after the global financial crisis and the Christchurch earthquakes is no mean feat!
What small businesses want is a stable but growing economy, low inflation, low taxes, sound infrastructure and transport links. A budget surplus and 4% growth is a good start. If the economy is not sound, how can we help the disadvantaged who need our help? As Winston Churchill said, you cannot tax yourself into prosperity!