Results 1 to 2 of 2

Thread: More money in your pocket

  1. #1
    MotherBear's Avatar
    MotherBear is offline The missing link
    Join Date
    Jan 2005
    Location
    currently Ras al Khaimah, UAE, ex Wales, UK
    Posts
    11,180
    Blog Entries
    1

    Default More money in your pocket

    Big Wednesday: $2 billion in the pocket
    4:00AM Saturday Mar 28, 2009
    By Claire Trevett

    Workers on the average wage will have an extra $15.66 a week in their pocket from Wednesday when changes including tax cuts, increases to benefits and superannuation, and a boost to the minimum wage take effect.

    From April 1 nearly $2 billion in extra cash will start flowing into taxpayers' pockets as a result of the tax cuts and a 3.4 per cent increase in benefits and superannuation and student allowances.

    The minimum wage will go up 50c to $12.50 an hour although critics say that when the increase is adjusted for inflation the real income gain on one year ago is only $3.78 a week.

    An increase in Accident Compensation levies will take some of the extra money, but overall the changes leave fulltime workers on the minimum wage $24.30 a week better off.

    More here.
    Mother Bear

    Try to bloom wherever you are planted.

  2. #2
    MotherBear's Avatar
    MotherBear is offline The missing link
    Join Date
    Jan 2005
    Location
    currently Ras al Khaimah, UAE, ex Wales, UK
    Posts
    11,180
    Blog Entries
    1

    Default

    Wage packets fatter from tomorrow
    4:00AM Tuesday Mar 31, 2009
    By Claire Trevett



    About 1.4 million New Zealanders will get extra cash from tomorrow when the tax cuts come into effect - a package the Prime Minister says is "focused fairly and squarely on middle New Zealanders".

    The Government hopes people will either spend or pay off debt with the tax cuts. However, it has been criticised for giving greater benefit to those who earn more and are less likely to spend the money.

    Yesterday, John Key said he believed the tax cuts were well designed to encourage spending by targeting middle New Zealand.

    While the top rate of 39 per cent would drop to 38 per cent - a benefit to those on higher incomes - he said overall they were fair.

    About 280,000 people earning between $50,000 and $70,000 would get just under $20 a week - and Mr Key said the "vast bulk" of people would notice the difference.

    A further 630,000 workers on lower wages would get the new independent earner's credit - costing about $235 million of the $1 billion cost of the tax cut package.

    Recently, Mr Key called for those who did not want to spend their cuts and had low debt levels to instead donate it to charity to help them cope with a drop in corporate donations in the recession.

    He was unable to confirm that the next two years of cuts would go ahead, repeating that it was his "preference" for that to happen but the Government had to ensure they were "affordable in light of the economic conditions we might face in 2010 and 2011".

    Under the changes, the threshold before the 33 per cent rate begins rises from $40,000 to $48,000.

    From tomorrow, workers can also choose to reduce their KiwiSaver contributions to 2 per cent.

    Benefits, superannuation and student loans will also increase by 3.4 per cent, in line with the cost of living.

    From here.
    Mother Bear

    Try to bloom wherever you are planted.

Similar Threads

  1. about money
    By jellypie in forum General NZ Chat
    Replies: 1
    Last Post: 25-03-2009, 10:54 AM
  2. Money?
    By ShellBda in forum Making The Move
    Replies: 4
    Last Post: 27-05-2007, 02:33 PM
  3. More money in your pocket?
    By MotherBear in forum General NZ Chat
    Replies: 0
    Last Post: 01-04-2006, 08:43 PM
  4. Money Money Money!!!
    By moley in forum General NZ Chat
    Replies: 2
    Last Post: 11-07-2005, 09:55 PM
  5. How much money do we need?
    By nasha01 in forum General NZ Chat
    Replies: 1
    Last Post: 06-04-2005, 09:35 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46