Tax Cuts Begin!
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After months of waiting, it’s finally October 1, and New Zealanders can look forward to a slightly chubbier pay packet for their first pay period ending in October.
Labour’s tax cuts roll out today, giving Kiwi wage-earners a little extra each week to help with the rising cost of living.
How much more can you expect each week?
Salaries between $20,000 and $30,000 will gain an extra $12 per week ($624 per year); salaries between $40,000 and $60,000 will give you an extra $16 ($832 per year); and $70,000+ salaries will yield an extra $28 ($1456 per year).
Lost and Delirious release This wage bump-up will increase yearly in 2010 and 2011, and to find out exactly how much extra your family is set to receive weekly over the next three years, check out the tax cut calculator on the Labour website.
Unfortunately the world’s financial crisis is again in disarray after the US congress failed to agree on a $1 trillion bail-out plan for the US economy. While the NZ Government and the opposition continued to insist that today’s tax cuts remain affordable, the NZX fell 4.5% yesterday, along with a NZ to US dollar, dropping 2c.
For updates, keep tabs on the latest business news headlines on NZS.com.
Image from Flickr.
