Effective from 1 July 2024, several significant changes have come into effect that may impact you or your business. Here’s a breakdown of what you need to know:
FamilyBoost Legislation Passed
FamilyBoost has officially become law, introducing a decision support tool and an authenticated calculator to assist families. These tools aim to simplify financial planning and decision-making processes.
KiwiSaver Enhancement for Paid Parental Leave Recipients
A new government initiative offers a 3% contribution to KiwiSaver accounts for recipients of paid parental leave who also contribute to their KiwiSaver, helping to bolster savings during this critical period.
Expansion of Brightline Test
The Brightline Test now applies to properties sold within 2 years, with a newly introduced decision support tool available to aid in compliance and planning.
Offshore Gambling Duty Registration
Businesses involved in offshore gambling activities can now register for duty, ensuring compliance with updated regulations.
Changes in Paid Parental Leave Rates
Effective immediately, there have been adjustments in paid parental leave rates, reflecting current economic conditions and legislative updates.
Upcoming Changes to Personal Income Tax Thresholds
From 31 July 2024, there will be increases in personal income tax (PIT) thresholds. These changes are designed to alleviate tax burdens on individuals earning over $14,000 annually. The adjustments aim to align tax liabilities with wage growth over the years.
These changes mark important updates in New Zealand's financial landscape. Stay informed and consult with us to navigate these changes effectively.
For detailed guidance tailored to your specific situation, please contact us.
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