Tax Cuts from 1st of April
Napier households will get a share of the billion-dollar-a-year boost from tax cuts which take effect this week.
The personal tax cuts, which take effect from the 1st of April, will boost the income of workers on the average wage of $48,500 by $18 a week. A range of initiatives, making it simpler and less expensive for small and medium sized businesses to pay tax, also take effect from this date.
For earners the changes mean tax rate cuts and threshold changes, as well as a new Independent Earner Tax Credit, which will give an extra $10 a week to those earning between $24,000 and $44,000 a year who do not receive a benefit, Working for Families tax credits or New Zealand Superannuation.
These changes form a central part of the Government's Jobs and Growth plan and will provide a shot in the arm for our economy at a vital time.
About 1.5 million workers will receive a personal tax cut, injecting an extra $1 billion into the New Zealand economy in the coming year. Separately the business initiatives are worth $484 million over four years.
The tax cuts will help to stimulate the Hawke's Bay economy in the short term by putting cash in people’s pockets, and in the longer term by encouraging people to invest in their own skills to earn and keep more money. They are an important step towards the government's medium-term goal of delivering a tax system that rewards effort and provides better incentives to get ahead.
In regard to small and medium-sized businesses, the tax assistance initiatives will make it easier for owners to manage their cash flows and meet their tax obligations during tough economic times.
Speaking of helping small businesses it is great to see the launch of the “Small Business Makeover Challenge” right here in the Bay. Entrepreneur, Jackie Jones, from E2 the Max has launched the Business Makeover to help businesses who feel like they could do with a shot in the arm. I think it’s a great opportunity in this tough economy to streamline your business and to maximise your opportunities. I fully recommend giving Jackie a call to see if its right for your business.
Napier households will get a share of the billion-dollar-a-year boost from tax cuts which take effect this week.
The personal tax cuts, which take effect from the 1st of April, will boost the income of workers on the average wage of $48,500 by $18 a week. A range of initiatives, making it simpler and less expensive for small and medium sized businesses to pay tax, also take effect from this date.
For earners the changes mean tax rate cuts and threshold changes, as well as a new Independent Earner Tax Credit, which will give an extra $10 a week to those earning between $24,000 and $44,000 a year who do not receive a benefit, Working for Families tax credits or New Zealand Superannuation.
These changes form a central part of the Government's Jobs and Growth plan and will provide a shot in the arm for our economy at a vital time.
About 1.5 million workers will receive a personal tax cut, injecting an extra $1 billion into the New Zealand economy in the coming year. Separately the business initiatives are worth $484 million over four years.
The tax cuts will help to stimulate the Hawke's Bay economy in the short term by putting cash in people’s pockets, and in the longer term by encouraging people to invest in their own skills to earn and keep more money. They are an important step towards the government's medium-term goal of delivering a tax system that rewards effort and provides better incentives to get ahead.
In regard to small and medium-sized businesses, the tax assistance initiatives will make it easier for owners to manage their cash flows and meet their tax obligations during tough economic times.
Speaking of helping small businesses it is great to see the launch of the “Small Business Makeover Challenge” right here in the Bay. Entrepreneur, Jackie Jones, from E2 the Max has launched the Business Makeover to help businesses who feel like they could do with a shot in the arm. I think it’s a great opportunity in this tough economy to streamline your business and to maximise your opportunities. I fully recommend giving Jackie a call to see if its right for your business.
