Budget 2024: Try RNZ's tax calculator (2024)

Many New Zealanders would be very pleased to find more money in their pay packet after 31 July this year, Finance Minister Nicola Willis told this year's Budget lock-up.

No one would be left worse off by the changes, she said.

If that's true, what might you stand to receive in a few months' time?

Read more on Budget 2024:

• National unveils Budget 2024, keeps tax cut promises
• Live: Budget 2024 unveiled and all the reactions
• What the budget means for you, in charts
• The Budget winners and losers
• Budget 2024 at a glance: What you need to know

The government made much of changes to the brackets that tax rates apply to.

For many earners, though, the more substantial increase will be from the independent earner tax credit (IETC), which has been extended to an extra 420,000 people in full or in part.

People earning up to $66,000 will now get the full $10 a week credit, and others earning up to $70,000 will get a partial credit.

A minimum wage worker in a full-time job (equivalent to an annual salary of $48,150) will receive just $2.50 a week in tax cuts. But they will also receive the full in-work tax credit of $10 a week, taking their total tax relief to $12.50 a week, or $650 a year.

The Budget documents stated 1.9 million households would benefit from the overall relief package by an average of $30 a week. Households with children would benefit by $39 a week on average.

The following calculator allows you to see how much you will receive from both that tax bracket changes and the increased eligibility for the IETC.

The government has asked all government departments to find between 6.5 percent and 7.5 percent in savings, and has chosen not to continue some initiatives that the previous government had introduced to ease cost-of-living pressures, such as free public transport for children under 12.

You can also find a copy of the government's own calculator here.

Copyright © 2024, Radio New Zealand

• As it happened: Political parties react to Budget 2024 - see what they have to say

  30 May 2024

  

  National has kept its tax cut promise in the coalition's debut Budget, laying out a relief package largely in line with the 'Back Pocket Boost' it campaigned on during the election.

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  Who is set to gain and who is missing out as a result of this year's Budget? RNZ takes a look.

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• Budget 2024 in charts: What does it all mean?

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• Budget at a glance: Spending and savings - what you need to know

  31 May 2024

  

  The coalition is confident Budget 2024 is just what was promised: tax relief for the squeezed middle and reduced spending. Here's the main spending and savings.

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• What is in the Budget for Māori?

  31 May 2024

  

  From changes to health, education, housing and kapa haka, here's what the budget will mean for Māori.

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