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The Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Bill passed its third reading yesterday, and will come into effect on 1 April 2019.
Among a host of important improvements to the Tax Administration and Income Tax Acts, the Bill simplifies how tax is assessed for Individuals by issuing tax refunds automatically. Around 750,000 extra taxpayers will likely get a refund. These new processes, when implemented, will particularly benefit those who work extra jobs and have paid too much secondary tax during the year.
The new legislation also adds two new employee contribution thresholds to KiwiSaver (6% and 10%), and opens the scheme up to over 65s.
For more information see the Minister of Revenue's media statement.
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