Helping families get ahead

National’s across-the-board personal tax cuts on 1 October reward effort, encourage savings, and help families get ahead.

A family on the average household income of $76,000 will receive a weekly tax cut of about $46. They will only pay extra GST of about $21. This leaves them about $25 a week better off.

Someone on the average wage of $50,000 will receive a weekly tax cut of about $29. They will pay extra GST of about $13, leaving them about $15 a week better off.

On 1 October, Working for Families, benefits, and NZ Super payments will increase immediately by 2.02 per cent to compensate for the rise in GST. Superannuitants get a double boost from our tax package through the rise in NZ Super, and through personal tax cuts that will apply to NZ Super payments, and to any other income such as interest, dividends, or part-time work.

Find out how the tax changes and compensation for the rise in GST will benefit you. Calculate your tax cut at www.taxguide.govt.nz.