Is anyone else disappointed or short changed with the new tax break?

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Forums › Finance and wealth management › Is anyone else disappointed or short changed with the new tax break?

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BDFL - Memuneh
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#3270384 10-Aug-2024 18:43

kotuku4: I received exactly the same as previous fortnightly pays. No payslip issued as yet. I will be following up.

Ifyou are entitled to a change, it should've been paid now - see link above.

Goosey

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#3270684 12-Aug-2024 06:49

Linux: I got my rates bill last week for 2024 - 2025 it has gone up over $220 per quarter

My tax break is now gone + more

This, the gimmick of any political party is to lessen taxes and we the voters are all like ducks to water.

Now looking ahead, its these pesky 3 waters reforms that will bite us next..... the current governments wholesale change back to 3 waters being the responsibility of councils will definitely be a driver to increasing our rates bills. (its either that or the govt would have had to try and fund it from general taxes), thus the government looks good for keeping up its spending and the councils now continue to struggle allocating funding for everything.

Chrisclarke

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#3270716 12-Aug-2024 08:58

Goosey:

Linux: I got my rates bill last week for 2024 - 2025 it has gone up over $220 per quarter

My tax break is now gone + more

This, the gimmick of any political party is to lessen taxes and we the voters are all like ducks to water.

Now looking ahead, its these pesky 3 waters reforms that will bite us next..... the current governments wholesale change back to 3 waters being the responsibility of councils will definitely be a driver to increasing our rates bills. (its either that or the govt would have had to try and fund it from general taxes), thus the government looks good for keeping up its spending and the councils now continue to struggle allocating funding for everything.

I concur.

Unfortunately the impact of cost of living increases will in most cases vastly outweigh any tax reductions. I'd have preferred the effort had gone into attempting to address some of the factors leading to cost increase, as opposed to scrabbling around to find services to cut to provide minuscule tax reductions, which as others have said offer little benefit and are weighed to those who least need them.

Also agree that 3 waters reform is problematic - it tightens the legislation around water and raises the required standard (perhaps no bad thing) but makes no effective change to the financial model. Increased borrowing facilities enable the burden to spread over time - but borrowing more is generally not a great solution for entities already in debt. At the end of the day, the costs are recouped through rates, and so we will all need to pay more.

There is a common theme here - successive governments introduce change (which may or may not be for the best), but the cost and complexity of implementation often falls to councils, burdening the ratepayer through rates increases, and not impacting the government's tax.

ANglEAUT

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#3270719 12-Aug-2024 09:14

tweake: ... but then again, you vote for change, change is what you get.

Or in this case, chump change.

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Rickles

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#3270722 12-Aug-2024 09:26

When did humans never vote for the What's In It For Me Party?

Or to quote Tom Paxton,

Our leaders are the finest men, And we elect them again and again 😁

A touch cynical this morning, sorry.

Handsomedan

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#3270725 12-Aug-2024 09:37

I got a $40 increase per fortnight according to the calculator and my most recent pay slip shows that's accurate.

By contrast, we just refixed our mortgage at $200 a f/n more, our rates have gone up, water rates have gone up, electricity has gone up and fuel doesn't seem to be getting any cheaper.
We spend more at the supermarket than we have ever spent and every single bill seems to be higher than they used to be.

I'm not seeing a benefit from the additional $40 a fortnight, but I'll take anything at this stage.

I just hope I don't get stiffed on my annual performance bonus next week.

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invisibleman18

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#3270744 12-Aug-2024 10:38

Got not very noticeable 1% pay increase (but in a government department so told to be thankful to still have job let alone pay rise etc). So slightly over the $40 more than at the previous pay rate taking into account the increase as well as the tax change.

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littlehead

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#3270839 12-Aug-2024 12:44

The other thing to look at is the changes to the Independent Earner Tax Credit. This can get you up to an extra $10 per week. They've extended the salary ranges for the credit up to $70,000. If you earn between $48,000 and $70,000 you may now be on the wrong tax code compared before the tax changes. To get the credit in your pay, you need to change your tax code from M to ME, or M SL to ME SL, contact your HR. If you don't use these codes, you'll get the money back at the end of the tax year in your tax assessment.

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#3270847 12-Aug-2024 13:17

Handsomedan: I just hope I don't get stiffed on my annual performance bonus next week. </p>

At the risk of being accused of being one of the four Yorkshiremen - I can only but dream of a performance bonus! For many (most?) of us in govt agencies, getting a pay increase of ANY kind is not even a possibility, whether related to performance or general movements in payscales. The only ‘bonus’ I may end up with over the next six months is a redundancy payout…

But in all seriousness, I’ve taken the opportunity to stick the additional $70 a fortnight from the tax changes (two incomes) to start putting aside money for the oldest brat’s uni studies… (Though, at that rate, it may need to be at the National University of Kazakhstan!) Personally, I’d rather not have had the money if it meant fewer stupid cuts to government services. We’ll all end up paying for these, whether it be directly and immediately (prescription fees) or longer-term and indirectly (social cohesion, health inequality etc).

Behodar

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#3270856 12-Aug-2024 14:58

Handsomedan:

I got a $40 increase per fortnight according to the calculator and my most recent pay slip shows that's accurate.

By contrast, we just refixed our mortgage at $200 a f/n more, our rates have gone up, water rates have gone up, electricity has gone up and fuel doesn't seem to be getting any cheaper.
We spend more at the supermarket than we have ever spent and every single bill seems to be higher than they used to be.

I'm not seeing a benefit from the additional $40 a fortnight, but I'll take anything at this stage.

A similar sort of thing here, but I'm trying to look at it more brightly. Yes, my rates have gone up by $628 this year, but with the $40/fortnight tax cut that pays for the increase and leaves a bit left over. It would be nice if power etc. were cheaper too (I actually got a letter from them the other day saying they're putting the prices up this month...) but at least the $40 helps.

heavenlywild

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#3270860 12-Aug-2024 15:12

invisibleman18:

Got not very noticeable 1% pay increase (but in a government department so told to be thankful to still have job let alone pay rise etc). So slightly over the $40 more than at the previous pay rate taking into account the increase as well as the tax change.

How does that work? Cutting public sector jobs but still giving pay rises, albeit a tiny amount? Haha. Surprised it didn't make the news.

For me I got my tax cut before the tax cut happened. Or was it a stealth increase in pay? I am not sure what that was about as my salary stated remained the same. Will find out and see if it was a mistake in the next pay.

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invisibleman18

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#3270864 12-Aug-2024 16:06

heavenlywild:

invisibleman18:

Got not very noticeable 1% pay increase (but in a government department so told to be thankful to still have job let alone pay rise etc). So slightly over the $40 more than at the previous pay rate taking into account the increase as well as the tax change.

How does that work? Cutting public sector jobs but still giving pay rises, albeit a tiny amount? Haha. Surprised it didn't make the news.

Just the usual annual "increase" round I guess although it's never a very noticeable increase, and in a department that is not making any job cuts. At least this year.

Handsomedan

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#3270867 12-Aug-2024 16:19

jonathan18:

Handsomedan: I just hope I don't get stiffed on my annual performance bonus next week. </p>

At the risk of being accused of being one of the four Yorkshiremen - I can only but dream of a performance bonus!

I believe this will be last year that thet off this. I'm in a vastly small minority that still get them in our organisatino of over 6000 employees.

I've gone for many years with the only pay rises coming from changing departments/obtaining promotions/moving to a rival company.

We are currently being softened for the blow to come, with lots of "We're struggling more than we usually do and we're not meeting our company-wide targets, so things could be a bit leaner this year"...

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Qazzy03

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#3270874 12-Aug-2024 16:37

heavenlywild:

How does that work? Cutting public sector jobs but still giving pay rises, albeit a tiny amount? Haha. Surprised it didn't make the news.

YMMV but first hand knowledge for myself, pay progression is locked in with collective agreement/IEA.

As long as XYZ is meet, pay rise/progression will continue until the band cap is meet or staff memeber is under performance review.

SaltyNZ

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#3270898 12-Aug-2024 18:21

Oblivian: It was getting clearer and clearer from the 100day start

I assume by this you mean '100 days before the start of the election campaign'.

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