シン, あたら.しい, あら.た, あら, にい, あせ, あたらし, し, に, にっ, につ, よし
JLPT4 G2 S13 F51
The left-hand element# is an abbreviated form of one combining 辛 needle/cutting tool and 木 tree/wood → thornbush (the sharp, needle-like thorns in close proximity). 新 adds 斤 ax → create firewood by chopping a thornbush/tree with a sharp ax. *New* is an extended meaning (← freshly hewn tree/wood) → *recently/lately*.
[Full Kanji Etymology List]