Budget measures enacted 29 May 2017

Budget Measures legislation enacted, 30 May 2017

The Taxation (Budget Measures: Family Incomes Package) Act 2017 (No 22 of 2017) received the Royal assent on 29 May 2017.

The amendments in the Act increase the two lowest personal income tax thresholds, repeal the independent earner tax credit, and increase the younger child payment rates of the family tax credit.

The main amendments are to the Income Tax Act 2007. The Act also amends the Tax Administration Act 1994, the Taxation (Annual Rates and Budget Measures) Act 2011 and the Customs and Excise (Tobacco Products - Budget Measures) Amendment Act 2016.

Source: www.legislation.govt.nz