Budget 2023 announced
The Government has today announced its Budget for 2023, which included three Revenue measures:
- Raising the trustee tax rate from 33% to 39% to align it with the top personal income tax rate for the 2024-25 and later income years from 1 April 2024 for most trusts.
- From 1 July 2024, Government will make a three percent KiwiSaver contribution to recipients of Paid Parental Leave who make their own contribution of at least 3%.
- The Budget also reflects an increase in revenue from imposing a tax on some large multinational enterprises operating in New Zealand.
These measures will be included in an upcoming taxation Bill.
For more information, see:
- Minister’s press release, and
- fact sheet on the trustee change.
For full details of all Budget announcements, see the Treasury website.