Source: New Zealand Government
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With a week to go before hard-working New Zealanders see personal income tax relief for the first time in fourteen years, 513,000 people have used the Budget tax calculator to see how much they will benefit, says Finance Minister Nicola Willis. “Tax relief is long overdue. From next Wednesday, personal income tax thresholds will rise from $14,000 to $15,600; from $48,000 to $53,500; and from $70,000 to $78,100. This reduces income tax for anyone earning over $14,000. |
“Tax changes also include an increase to the in-work tax credit, and an expansion to the independent earner tax credit, on top of the FamilyBoost payment that has already been launched. Together, these changes will put an extra $3.7 billion a year back into the pockets of New Zealanders.
“Approximately 727,000 households are projected to receive a minimum of $75 per fortnight, with 187,000 households benefiting by at least $100 per fortnight.
“The rising number of visitors to our tax calculator reflects Kiwis’ keen interest in understanding how the Budget will personally benefit them through the savings we’ve achieved and the tax relief we’re implementing.
“It will mean more money for people to spend on groceries, petrol and the necessities that have increased in price over the last few years.
“Our Government is committed to rebuilding the economy and driving economic growth in New Zealand. Our tax package delivers just that, and I encourage all New Zealanders to head to budget.govt.nz/taxcalculator/ to see how much they benefit by.”
