With the cost of living still grinding us down and cash being tight for many Kiwis right now, we’re all hunting for any extra bucks to ease the strain on our wallets.
The government just dropped its budget plans, promising some tax relief to help us hang onto more of our hard-earned cash.
This new budget comes with a nifty calculator to figure out how much you, or your household, could benefit from the package. It'll tell ya your fortnightly and yearly savings.
You’ll need to plug in a few details – your annual income (before tax), if you receive NZ Super (65+), if you’ve got any dependent kids, their ages, and early childhood education costs.
If you’ve got a partner and wanna see how much you’ll be saving together, make sure their annual income is ready to chuck in too.
SOURCE: budget.govt.nz
This calculator is pretty spot-on for most peeps, but it doesn't cover those receiving benefits, student allowance, or the Minimum Family Tax Credit.
The reduction in personal income tax is the first since 2010. It’s fully funded from savings and revenue initiatives, so the government isn’t borrowing to make this happen.
They’re saying it “won’t add to inflation”.
According to the government’s numbers, around 1.9 million households will get an average of $60 extra per fortnight.
When I ran my numbers, it showed I'd be about $50 better off - ngl, at least it’s a bit of extra dosh for my coffee-fiend ways or a little extra petrol in the tank.
I mean, I’ll take what I can get right now. And while I’m at it, I might just go and calculate what I can expect to see in my tax return this year too. Every little bit helps, right?
