The minimum wage is set to increase by $1.20 to $17.70 in April 2019 – the largest increase in the adult minimum wage in New Zealand history in dollar terms.
Increases in the benefit rates and superannuation also kick in tomorrow, along with several measures aimed to help businesses.
A research and development incentive will provide a 15 percent tax credit to businesses that spend more than $50,000 on research and development from tomorrow.
ACC levies will also fall tomorrow.
Queenstown-based bookkeeping firm Findlay Sidekicks writes that the “Proposed changes to the structure of Kiwisaver could see New Zealand’s retirement savings increase, and the risk of retirement savings shortfall decrease, over time. ..Proposed amendments… include: additional employee contribution options of 6% and 10%; contribution holidays changes; more options for over 60’s and changes to HomeStart grants.”
Additional Employee Contribution options of 6% and 10% (from 1 April 2019) and Contribution Holiday changes (from 1 April 2019) are two of the 4 Key changes to Kiwisaver in 2019.
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