The New Zealand Labour Party government has announced the launch of a cost-of-living tax package that includes:
- Removing GST from fresh and frozen fruit and vegetables from 1 April 2024
- Increasing the In-Work Tax Credit by NZD 25 a week to NZD 97.50 from 1 April 2024; and
- Increasing the Working for Families abatement threshold to NZD 50,000 from 1 April 2026.
To fund the tax package, the government plans to remove depreciation for non-residential buildings. Depreciation for non-residentia…