Curious about how a National-led coalition government could impact your taxes? Here’s a breakdown of proposed changes that might affect you:
National aims to adjust tax brackets to account for inflation, potentially boosting incomes for taxpayers.
Restored Interest Deductibility on Rentals and Two-Year Bright Line Test:
Gradual restoration of 100% interest deductibility on investment properties over the next three years.
Reduction of the bright-line test duration from 10 years to two years.
Introduction of FamilyBoost initiative offering rebates for childcare costs, with adjustments for income levels.
Proposed increase in Working for Families in-work tax credit to support families.
Combined with revised tax brackets, households with young children and a $120,000 income could see up to $250 more fortnightly.
National plans to discontinue clean car rebates and feebate system by the end of 2023.
Focus shifts to supporting electric vehicle transition through expanding public charging infrastructure with 10,000 extra charging stations by 2030.
ACT presents its own tax plan, including a two-bracket income tax system, likely influencing final decisions on tax brackets and rates.
Uncertainty remains about potential negotiations with New Zealand First, which could impact further tax changes.
Stay Informed with Us:
We’re closely monitoring tax-related developments under the new government and will keep you updated.
Have questions about how these changes might affect you, your trust, or your business? Reach out to us for expert guidance and support.
Keep up with the latest updates on tax changes and how they may impact your financial situation. Contact us today for personalized assistance and insights.
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