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> NZ Budget 2010 Biggest tax overhaul in 25 yrs
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Kiwigran
Posted: May 20 2010, 01:13 PM
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Budget 2010: Biggest tax overhaul in 25 years

By Chris Daniels
2:00 PM Thursday May 20, 2010 


Bill English at the Budget lock-up today. Photo / Mark MitchellBudget 2010 is all about tax, with the Government this afternoon unveiling what it says is the biggest overhaul to the New Zealand tax system in 25 years.

And it's promising the "vast majority" of New Zealanders will be better off as a result.

All personal tax rates will be cut from October 1, GST is being raised to 15pc, company tax will be cut next year and loopholes favouring property investment are being closed.

A "typical family" - with two children and an average household income of $76,000 will be about $25 a week better off, said Finance Minister Bill English.

A person on the average annual wage of around $50,000 will get an income tax cut of about $29 a week. After the GST increase is taken into account, this will fall to an extra $15 a week, if they pay an average rent or mortgage.


More Here
http://www.nzherald.co.nz/nz/news/article....jectid=10646041


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