New financial year: The budget and policy changes taking effect on July 1


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A raft of new budget measures and policies come into effect around the country on Sunday.

A raft of new budget measures and policies come into effect around the country on Sunday.


Photo: Dionne Gain

Some families are set to lose their weekend penalty rates on Sunday but might get extra money back in their pocket from childcare changes the next day.


And anyone buying a product from overseas will have to pay GST on it if it’s worth less than $1000.


The changes are among a raft of new budget measures and policies to come into effect around the country on Sunday. Here’s all the detail.


Taxes


  • The 32.5 per cent income tax rate cuts in at $90,000, up from $87,000.

  • A new low and middle-income tax offset worth up to $530, but not paid tax returns are processed after the 2018/19 financial year.

  • Lower corporate tax rate of 27.5 per cent extended to businesses with a turnover of less than $50 million. The rate will reduce to 25 per cent in 2026/27. Larger companies still pay 30 per cent.

  • GST applied to foreign purchases below $1000 for the first time.

  • Purchasers of newly-constructed residential properties or new subdivisions must remit GST directly to tax office as part of settlement.

Article source: http://feedproxy.google.com/~r/sbsnews-topstories/~3/xMEddT34Akg/honduran-president-begins-second-term-amid-angry-protests

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