Taxation (Urgent Measures and Annual Rates) Act 2008

2008 legislation changes personal income tax rates and KiwiSaver, introduces an independent earner tax credit and repeals the research and development tax credit.

The Taxation (Urgent Measures and Annual Rates) Bill 2008 was introduced into Parliament on 9 December 2008 and passed under urgency on 11 December 2008. The resulting Act received Royal assent on 15 December 2008.

The new legislation introduces changes to personal income tax rates and KiwiSaver, introduces an independent earner tax credit and repeals the research and development tax credit. The legislation gives effect to measures foreshadowed by the new government in its 2008 general election campaign. The legislation also confirms the annual rates for the 2009-10 tax year.

The changes take effect from 1 April 2009.

The new Act amends the Income Tax Act 2007, the Tax Administration Act 1994, the Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008, the Taxation (Business Taxation and Remedial Matters) Act 2007, the KiwiSaver Act 2006 and the KiwiSaver Regulations 2006.