Tax Blog - 27 May 2024

27/5/2024

What we Know so Far: Budget 2024

With budget 2024 around the corner, the coalition government has announced some key tax policies that we can expect in the budget. Although these have been announced, we would expect to see more tax policy when the budget is officially released on Thursday.

Taxpayers will be pleased to hear that the number one priority of the government is to reduce income tax. This will be achieved with an adjustment to income tax brackets. The adjustment is expected to increase the take home earnings of about 83% of tax paying New Zealanders. A welcome change for taxpayers.

The other tax policy that has been preannounced is the childcare tax rebate. Parents earning up to $180,000 per year can expect to see a tax rebate of up to $75 per week. This can add up to a $3,900/y tax break for some parents.

With the budget being officially released on Thursday just how these changes look is yet to be seen.

Polson Higgs Tax team.

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