TAX CHANGES AFOOT
Currently (in mid-2017), the tax thresholds are as follows (before the 39% rate of 2021 was introduced):
As you may recall, these were to be changed. However, due to a change of government, there will be no change to these tax rates. There will no doubt be lots of other changes coming; we will post as soon as information is finalised. At the moment it is all hot air and speculation… fast-forward to COVID-19 and 2021, and the govt has introduced a 39% tax rate that kicks in at 180k per person per year, more info here.
INSURANCE PREMIUMS INCREASE
The government announced in today’s Budget that it would be increasing the EQC rate insured homeowners pay from 15c per $100 of cover capped at $207 a year to 20c per $100 to a maximum of $276 per year.
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.
For more info please see this article