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Raw Audio: Brash & Key Announce Tax Policy

Monday, 22 August 2005, 3:30 pm
Article: Scoop Audio

Raw Audio: Brash & Key Announce Tax Policy

National Party Leader Don Brash unveiled a plan which he says will significantly restructure the tax system. He says it will provide fair tax relief and targeted family assistance worth about $3.9 billion by the third year.

ClickSCOOP AUDIO: National Leader Don Brash Announces Tax Policy (raw audio)

ClickSCOOP AUDIO: National Leader Don Brash & John Key tax press conference (raw audio)

The features of National's fair tax plan include:

  • The 15% tax rate, which now applies to income below $9,500 will extend to $12,500.

  • For income between $12,500 and $50,000, the tax rate will be 19%.

  • The withholding tax rate for secondary employment will be 19%.
  • Income between $50,000 and $100,000 will be taxed at 33%.

  • Income above $100,000 will continue to be taxed at 39%.

  • The lower statutory rate of withholding tax applied to interest and other investment income will be reduced from 19.5% to 18%.

  • The threshold for abatement of WFF payments will be $30,000 from April 2006, and to keep the effective tax rate on extra income low, the abatement rate will be 20%.

  • The company tax rate will be reduced to 30% in April 2008.

  • The personal tax reductions will be implemented in two stages in April 2006 and April 2007.

    • ENDS
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