Our post-election snapshot compares the tax policies that the National Party, the Act Party and New Zealand First campaigned on, and what they agreed in through coalition negotiations.
The new Government’s tax policy platform, perhaps unsurprisingly, most closely resembles the National Party’s manifesto. With tax bracket changes to come in from 1 July 2024, swapping the 10-year bright-line test for a 2-year one, and phasing in the return of interest deductibility, all being core tax policies for the new Government.
More interesting is what’s in it for the minor parties. New Zealand First got the scrapping of the foreign buyer tax (perhaps to the relief of all involved) and a promise to immediately increase funding for Inland Revenue Audits. While the ACT Party negotiated for a faster phasing back-in of interest deductibility than the National Party had proposed and a promise to “ensure the concepts of ACT’s income tax policy are considered as a pathway to delivering National’s promised tax relief.”
Updated 24 November 2023 following the announcement of the new Government’s coalition agreements.
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