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The Government passed the Taxation (Income Tax Rate and Other Amendments) Bill on 3 December 2020. This was granted Royal assent on 7 December 2020. It contains four main measures, including:

  • introducing a new top personal income tax rate of 39%
  • introducing increase disclosure requirements for trusts
  • increasing the Minimum Family Tax Credit (MFTC) threshold for the 2020-21 tax year
  • clarifying the ability for Inland Revenue to require information for the purposes of providing quality policy advice.

The full details of the Bill are available on our Tax Policy Website.

Introduction of Taxation (Income Tax Rate and Other Amendments) Bill (taxpolicy.ird.govt.nz)