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.
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Income tax thresholds shift
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Independent earner tax credit (IETC) extension
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In-work tax credit increase
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FamilyBoost has been introduced
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Rental property mortgage interest deductibility
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Brightline test moves to two years
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First home grant discontinued
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Trustee tax rate changes
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GST on short-term accommodation
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Paid parental leave KiwiSaver contribution
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Interest rate increase on student loans when living overseas
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Increased spending for disability over five years