Budget 2024 and your wallet!

On 30th May, the New Zealand Government released the National Budget 2024.

We have summarised below the highlights of the Budget that may have implications for your wealth creation and retirement plans, property, and family cash flow decisions.

  • Income tax thresholds shift

  • Independent earner tax credit (IETC) extension

  • In-work tax credit increase

  • FamilyBoost has been introduced

  • Rental property mortgage interest deductibility

  • Brightline test moves to two years

  • First home grant discontinued

  • Trustee tax rate changes

  • GST on short-term accommodation

  • Paid parental leave KiwiSaver contribution

  • Interest rate increase on student loans when living overseas

  • Increased spending for disability over five years

Please get in touch if you would like more information on any of the above or to discuss these with us.

Cameron Inskeepbudget, income tax, brightline test, tax credit, trustee tax rate, student loans