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<p>The Government has today announced its Budget for 2023, which included three Revenue measures:</p>
<ul>
<li>Raising the trustee tax rate from 33% to 39% to align it with the top personal income tax rate for the 2024-25 and later income years from 1 April 2024 for most trusts.</li>
<li>From 1 July 2024, Government will make a three percent KiwiSaver contribution to recipients of Paid Parental Leave who make their own contribution of at least 3%.</li>
<li>The Budget also reflects an increase in revenue from imposing a tax on some large multinational enterprises operating in New Zealand.</li>
</ul>
<p>These measures will be included in an upcoming taxation Bill.</p>
<p>For more information, see:</p>
<ul>
<li><a href="https://aus01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.beehive.govt.nz%2Frelease%2Ftrustee-tax-change-improve-fairness&data=05%7C01%7CSara.Bathgate%40ird.govt.nz%7C54e76604b7894497d5d508db5744b643%7Cfb39e3e923a9404e93a2b42a87d94f35%7C1%7C0%7C638199724839260729%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=wSYfj%2BTRzns%2B5ea5YzxnZ9dQaIpI37pGzuxibcI8VV8%3D&reserved=0" class="quick-links-external">Minister’s press release</a>, and</li>
<li><a href="/publications/2023/2023-other-fact-sheet-increasing-trustee-tax-rate">fact sheet</a> on the trustee change.</li>
</ul>
<p>For full details of all Budget announcements, see the <a href="https://www.treasury.govt.nz/publications/budgets/budget-2023" class="quick-links-external">Treasury website</a>.</p>
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