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The Taxation (Budget Tax Measures) Bill 2009 was introduced into Parliament under urgency on 28 May 2009. The bill was tabled during the Budget debate and passed through its final stages on 29 May, receiving Royal assent later that day.
The resulting Act gives effect to Budget announcements to close the KiwiSaver mortgage diversion facility to new applicants from 1 June 2009. It also repeals the planned personal tax cuts planned for the 2010-11 and 2011-12 income years, and the associated increase to the independent earner tax credit.
The new Act amends the KiwiSaver Act 2006 and the Kiwisaver Regulations 2006, the Taxation (Urgent Measures and Annual Rates) Act 2008 and the (Taxation (Business Tax Measures) Act 2009.
2009 legislation closes KiwiSaver mortgage diversion facility (allows members to divert contributions to mortgage repayments) to new participants from 1 Jun 2009.
2009 legislation repeals personal tax cuts scheduled for the 2010-11 and 2011-12 income years and cancels the increase in the independent earner tax credit.