Welcome to our June newsletter,
June has been a fantastic month for Kiwi sport. We have had the British and Irish Lions Tour here at home in New Zealand along with Team New Zealand duelling it out for the America’s Cup in Bermuda, not to mention the Baby Blacks winning the under 20 World Champs in Georgia. It is always great to watch Kiwi’s performing at high levels on the world stage.
At the beginning of the month we saw the release of the Government’s budget for the coming year. Whilst there have been no radical changes, we have seen changes to the income tax thresholds and tax packages to assist families.
The income tax thresholds for individual earners are set to increase from 1 April 2018. The 10.5% tax upper limit will rise from $14,000 to $22,000 and the 17.5% tax upper limit from $48,000 to $52,000. The upper limits of the two highest brackets will remain the same. This will mean tax savings for everyone across the board but those in the lower income brackets are going to get more out of the changes.
Those independent earners who have been earning between $24,000 and $44,000 have also been eligible for the Independent Earner Tax Credit of $520 which is set to be scrapped on 1 April 2018. In light of that, those earning in that bracket will only be receiving very minimal tax benefits from the new amendments. Families who are eligible for Family Tax Credits will also see an increase in the rates they are receiving currently.
As expected in an election year we have seen a fairly conservative budget with small wide spread tax benefits but nothing intended to shake the current system up too much.
If you have any questions in regard to the matters we have discussed above or any other matters we would be more than happy to assist you.
The Directors DAVENPORTS WEST LAWYERS LIMITED
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