“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”.