New Zealand’s 2024 budget was made public on Sunday, 30 May, 2024. It does not contain any major tax measures but proposes adjustments to the individual income tax brackets. The start date has been pushed from July to August.
Delivered by Nicola Willis, Minister of Finance; he said, “The Budget delivers on key commitments. For the first time in 14 years, hard-working New Zealanders will get to keep more of their own money through our Government’s tax relief.”
“We are shifting resources out of the back office of the government into the front line. We are investing in healthcare, schools and Police. We are putting New Zealanders’ money where it can make the biggest difference. What’s more, our commitments are delivered within an operating allowance that is the lowest, in real terms, since Steven Joyce’s Budget in 2017,” he added.
Taxpayers with an income of up to NZD 15,600 is taxed at 10.5%, from NZD 15,601 to 53,500 at 17.5%, from NZD 53,501 to 78,100 at 30.0%, from NZD 78,101 to 180,000 at 33.0%, and income over NZD 180,000 is taxed at 39.0%.
