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Announcements
PUBLISHED 18 May 2023

Budget 2023 announced

The Government has today announced its Budget for 2023, which included three Revenue measures:

  • 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.
  • 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%.
  • The Budget also reflects an increase in revenue from imposing a tax on some large multinational enterprises operating in New Zealand.

These measures will be included in an upcoming taxation Bill.

For more information, see:

For full details of all Budget announcements, see the Treasury website.