📢 Budget 2024 Update: Tax Cuts for Most New Zealanders!
The NZ Government has just announced the new tax brackets in the Budget 2024. Here’s what you need to know:
🔸 The key change is the adjustment of tax threshold bands, not the tax rates themselves. This shift aims to address the “bracket creep” caused by wage inflation pushing incomes into higher tax brackets since 2010.
🔸 The new thresholds will come into effect on Wednesday, 31 July 2024
