Starting this Wednesday, millions of New Zealanders will see an increase in their pay due to the government’s promised tax cuts.
These changes will affect around 3.5 million people, according to Finance Minister Nicola Willis and Revenue Minister Simon Watts.
The amount of your tax cut depends on your income and personal situation. Here is the Tax Cuts:
A minimum wage earner will receive about $12.50 more each week.
A single adult earning $55,000 a year will get an additional $25.50 a week.
A sole parent with two teenage children will be better off by around $45 a week.
A retired couple on superannuation with no other income will receive between $4.50 and $13 more each week.
You don’t need to take any action. The changes will be automatically applied to your pay by payroll providers. However, families eligible for the FamilyBoost tax credit must apply to receive this payment. Families should have started saving early childhood education (ECE) invoices from July 1 and can register for the FamilyBoost credit starting in September, with the first payment scheduled for October. This payment can be claimed once every quarter.
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