The Budget has just been released and the new changes should mean everyone will get a Tax Cut from next year.

The new NZ Budget was announced earlier this week and has brought with it some welcome ‘change’ for your pocket! From 1 April 2018: The $14,000 income tax threshold will increase to $22,000, The $48,000 threshold to $52,000. The Independent Earner Tax Credit will be discontinued. Increase to the Family Tax Credit rates for children under 16, so that they align with the rates for children aged 16 to 18 years. Increase the abatement rate for Working for Families Tax Credits from 22.5 cents to 25 cents in the dollar and decrease the abatement threshold from $36,350 per year to $35,000 per year. For more information check out the Media statement – $2b Family Incomes Package to lift after-tax incomes – Click Here or contact TAG Business Services today.

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