New Zealand

5 Households, 5 Very Different Tax Cuts

Budget 2024 has been released, featuring a $14.7 billion tax package that Finance Minister Nicola Willis says will benefit most Kiwi households.

The Government’s calculator, introduced with the Budget, shows how the funds will be allocated. However, it’s unlikely to satisfy everyone.

Here are five key figures illustrating how the tax package will impact different theoretical households:

$74

A couple, both working, with a combined income of $125,000 and two school-aged children will receive an additional $74.02 per fortnight. This amounts to $1924.50 annually or $37.01 weekly.

$4

A superannuitant living alone with no other income will get $4.31 in tax relief per fortnight, totaling $112 annually.

$80

A childless couple with a combined income of $180,000 will receive $80.19 in tax relief per fortnight, amounting to $2085 annually.

$25

A minimum wage earner with an annual income of $48,152 will get an extra $25 per fortnight. This equates to $12.52 weekly or $651 annually.

$173

A couple with a three-year-old in early childhood education, a combined income of $150,000, and a childcare bill of $400 per fortnight will receive $173.04 in tax relief per fortnight, which is $86.52 weekly.

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