Family Incomes Package: New Zealand Superannuitants
25 May 2017.
How will the changes to the tax thresholds and Accommodation Supplement affect you?
A Family Incomes Package has been announced as part of Budget 2017.
From 1 April 2018, the changes will affect New Zealand Superannuitants in the following ways.
Personal income tax thresholds will increase.
There are changes to income tax thresholds. The $14,000 income tax threshold will move to $22,000, and the $48,000 threshold to $52,000. This will increase after tax rates of New Zealand Superannuation where this is their primary source of income.
Accommodation Supplement maximum amounts will increase.
The Accommodation Supplement assists many low income people, including some New Zealand Superannuitants, to meet their accommodation costs. This package will increase the Accommodation Supplement maximum amounts for the first time since 2005, to better reflect the cost of accommodation that people now face.
The maximum amount of Accommodation Supplement available depends on where clients live. Some places will be moved up into different Accommodation Supplement Areas where housing costs have increased the most. People in these places will have access to a higher maximum amount of Accommodation Supplement.