2024 Budget - Tax Changes
The Government's Budget for 2024 has been announced and includes the following proposed measures:
increasing the personal income tax thresholds for the bottom three income tax rates
extending the Independent Earner Tax Credit
increasing the In-Work Tax Credit and the Minimum Family Tax Credit
introducing FamilyBoost which supports households with the cost of early childhood education, and
temporarily increasing the interest rate charged on overseas-based borrowers’ student loans and for late repayments
The increase in personal income tax thresholds reduces income tax for people earning more than $14,000 per annum. This reduction in personal income tax is the first since 2010.
The tax changes apply from 31 July 2024, apart from FamilyBoost which applies from 1 July 2024.
For information on how the tax package will benefit you, visit the tax calculator at budget.govt.nz/taxcalculator
May 2024