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 an easy calculator to find 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
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.
This calculator is pretty spot-on for most, but won't cover those receiving benefits, student allowance, or the Minimum Family Tax Credit.
This 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 - At least it’s a bit of extra cash for smoko feeds or chucking some petrol in the tank.
While we're at it, might as well go and calculate what to expect in this year's tax return too. Every dollar sign helps, aye?
