Description

Today we're diving into the latest tax changes announced in the 2024 Budget.

We'll break down what these changes mean for you, focusing on the new tax thresholds, adjustments to the Independent Earner Tax Credit, and the introduction of the Family Boost initiative.

Disclaimer: While we aim to provide clarity on these updates, everyone's financial situation is unique. Our goal is to inform, not to advise on personal decisions.

In this episode, we discuss:

• The impact of the "Back Pocket Boost" and how middle-income earners will benefit.
• The specifics of the threshold changes and their intended correction of "bracket creep."
• Insights from experts on the real-world implications of these adjustments.
• The expanded eligibility for the Independent Earner Tax Credit and what it means for middle-earners.
• The new Family Boost program and how it aims to support parents with childcare costs.
• Additional technical details included in the budget legislation and what they signify for taxpayers.

and plenty more!

Sources:

• Deloitte Article: https://www.deloitte.com/nz/en/services/tax/perspectives/budget-2024-everything-you-need-to-know-about-the-tax-changes.html
• RNZ Article: https://www.rnz.co.nz/news/political/518293/budget-2024-how-much-tax-relief-are-we-really-getting

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Disclaimer:
Investing involves risk including the possible loss of principal and there is no assurance that the investment will provide positive performance over any period of time.

The information provided should not be relied upon as investment advice or recommendations and should not be considered specific legal, investment or tax advice.

Any information we provide is general only and current at the time of writing.

Kernel Wealth Limited is the manager and issuer of the Kernel KiwiSaver Plan and Kernel Funds scheme. The Product Disclosure Statements are available at www.kernelwealth.co.nz