2017-2018 Budget Highlights
Most of you will be aware of the latest budget announcement. Below we have outlined the key takeaways from this year's budget, including changes to the tax thresholds and an increase in Working for Families allowances.
The Budget raises tax thresholds to address bracket creep. Every taxpayer earning more than $52,000 will pay $1,060 a year or $20 a week less in tax from 1 April 2018. A taxpayer earning $22,000 will pay $560 or $11 a week less.
Lower income families will receive more from Working for Families. Accommodation supplements and student accommodation allowances are also raised.
There’s an additional $11 billion for infrastructure over 4 years, including $800 million for the rebuild of SH 1 to Kaikoura and $102 million for basic tourism infrastructure.
34,000 new Government built houses and more money for social housing are aimed at tackling housing supply and affordability issues.
Increased health spending includes $59 million to double crew ambulances and $60 million more to Pharmac for new medicines.
A $321 million Social Investment Package is targeted at tackling long-term social issues for vulnerable New Zealanders.
If you would like further information or help understanding what this means for you, please feel free to call us.