- 10.5% on the first $22,000 earned (instead of the first $14,000)
- 17.5%: $22,001 to $52,000 (instead of a $48,000 threshold)
- 30%: $52,001 to $70,000
- 33% from $70,001
That means a tax cut of about $11 a week for workers on more than $22,000 and $20 per week for those on more than $52,000 a year.
Insurance Premiums Increase
The increase could result in people paying up to $69 more per year on their insurance. This comes at a time when the government was already planning a 40 per cent increase in the fire service levy.
The fire service levy increase comes in from July 1 while the EQC levy increase will come in on November 1.