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Budget 2021 highlights
All quiet on the tax front
Finance Minister Grant Robertson’s 2021 budget is a cautious balancing act between incurring further debt and increasing spending on measures designed to reduce child poverty.
After the dramatic March tax announcements that caused a tailspin among property investors, Budget 2021 is silent on any significant new tax proposals.
However, the Government’s Budget 2021 document refers to an initiative to “collect information on the level of tax paid by high-wealth individuals and their related entities. This information will be used to develop basic research to understand the overall distribution of income and wealth.”
Specific announcements that affect the business community are:
As part of the Government’s plan to reduce child poverty, there will be increases to benefits:
The Government will increase the Minimum Family Tax Credit threshold from 1 July 2021 as a consequence of those increases to benefits.
What's in this Budget Report
• Budget 2021 highlights
• Budget initiatives: Social policies
• Social unemployment insurance scheme
• Industry transformation plan
• Digital skills training programme
• Regional Strategic Partnership Fund
• Resource Management Act
• Water infrastructure
• Climate Change
• Taxation principles
• Free trade agreements
• Fiscal outlook
• Emissions trading scheme