2015 Budget

2015 budgetThe 2015 budget didn’t really throw up anything too exciting. If you are interested, here is a brief summary courtesy of CCH New Zealand:

“No surprises” Budget — well, mostly

The big tax headlines were made prior to the budget, with pre-Budget announcements extending the tax rules for residential property sales.

Budget 2015 sees some additional, albeit minor, tax measures announced:

  • repeal of the $1,000 KiwiSaver incentive payment, effective immediately
  • reductions in ACC levies
  • an increase of the Working for Families in-work tax credit and the abatement rate
  • a clarification that payments made by the Ministry of Social Development to providers of social housing are GST-exempt
  • more flexibility in dealing with penalties for child support debt, and
  • “modest” tax cuts are signalled for 2017 “should fiscal and economic conditions allow”.
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