The 2023 election campaign put tax at the forefront, and now all eyes are on Budget 2024 for potential changes to personal taxes. With hints from the National-Act and National-New Zealand First Coalition Agreements, here’s what we might see:
Hon Nicola Willis, the Minister of Finance, has hinted at “meaningful tax reductions” to ease the cost of living for New Zealanders. While National aims to adjust tax thresholds, the Coalition Agreement with the ACT Party may bring different changes, possibly flattening tax rates.
The Minister of Finance suggests tax cuts may apply from July 1, 2024. This could mean a quarter-year adjustment for the tax thresholds, affecting the entire tax year.
The Family Boost plan, set to kick off on July 1, aims to reimburse families for a portion of childcare expenses, administered by Inland Revenue.
Budget 2024 might allocate more funds to increase audit capabilities at Inland Revenue, addressing taxation losses and ensuring fairness in the tax system.
The government’s revenue strategy is likely to focus on reducing compliance costs, enhancing tax law compliance, digitalization, and adhering to the “broad base low rate” tax philosophy.
The fate of the Digital Services Tax Bill, which aimed to raise revenue and was expected to commence on January 1, 2025, remains uncertain. Budget 2024 might shed light on its future.
On May 30, all will be revealed as Budget 2024 unveils the government’s tax plans. Stay tuned for updates.
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