Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill
This bill does several things at once. It sets the income tax rates for the 2024–25 year — so the rates New Zealanders pay on their wages and other income stay the same as Parliament has approved. It also creates a ready-made toolkit of tax relief measures the government can switch on quickly when disasters like earthquakes or floods hit, without needing to pass new laws each time. On top of that, it tidies up a range of smaller tax rules to make them work as intended, including rules around KiwiSaver, trusts, and a childcare payment called FamilyBoost.
What this affects
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The bill locks in the income tax rates New Zealanders pay for the 2024–25 year and makes numerous fixes to tax rules so they work as intended.
Income tax imposed by section BB 1 (Imposition of income tax) of the Income Tax Act 2007 must, for the 2024–25 tax year, be paid at the basic rates specified in schedule 1 of that Act.
The bill would make several remedial amendments designed to ensure that tax legislation works as intended.
Progress through Parliament
Have your say
This bill is open for public submissions to the Finance and Expenditure Committee. Anyone can tell the committee what they think, and you don’t need to be an expert. Submissions close 8 October 2024.
Bill text sourced from legislation.govt.nz (Parliamentary Counsel Office). Arapono’s summary and breakdown are drafted with AI grounded in that official text and reviewed by an Arapono editor for accuracy and neutrality before publishing. Arapono is non-partisan and takes no position on this bill.