It's now about three weeks until National’s October 1 tax cuts kick in. They will be a welcome boost to household budgets in our communities, and will help hard-working families get ahead.
Across-the-board personal tax cuts will put more money in back pockets. From next month, the average household will be about $25 a week better off, even with GST rising to 15 per cent. Someone on the average wage will be almost $15 a week better off. And a retired couple, living in their own home and receiving NZ Superannuation, will be $11 a week better off.
On 1 October, New Zealand Superannuation, Working for Families, and benefit payments will increase immediately by 2.02 per cent – to compensate for the rise in GST.
Find out how the tax changes will benefit you. Visit the tax calculator: www.taxguide.govt.nz
The tax cuts are an important part of our six-point plan to grow the economy, create jobs, and boost incomes.
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