Taxation (Urgent Measures and Annual Rates) Act 2008

The Taxation (Urgent Measures and Annual Rates) Bill 2008 was introduced into Parliament on 9 December 2008 and passed under urgency on 11 December 2008. The resulting Act received Royal assent on 15 December 2008.

Tax cuts for individuals

Reductions to personal income tax rates are to be phased in over three years, beginning 1 April 2009. These changes are in addition to the tax cuts that came into effect on 1 October 2008.

KiwiSaver

The new legislation gives effect to a number of changes to the KiwiSaver scheme that were foreshadowed by the new government in its 2008 general election campaign.

Annual Income Tax Rates for 2009-10

The income tax rates (based on whole dollars) that apply for the 2009-10 tax year.

Working for Families overpayments

The May Budget 2008 brought forward inflation adjustments to Working for Families tax credits from 1 April 2009 to 1 October 2008. From 1 October, the weekly and fortnightly amounts of Working for Families tax credits paid out were increased to reflect the entire inflation indexation adjustment.

Repeal of Research and Development tax credit

The research and development tax credit has been repealed, effective from the 2009-10 income year. The tax credit remains in place for the 2008-09 income year.

Date published: 27 Mar 2009

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