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The Taxation (Annual Rates and Budget Measures) Bill was introduced under urgency on 19 May 2011 and received Royal assent on 24 May 2011. The new Act gives effect to tax reforms announced in Budget 2011 to reduce the fiscal costs of KiwiSaver and Working for Families tax credits. The Act also sets the annual rates for income tax for the 2011-12 tax year.
The Act amends the Income Tax Act 2007 and the KiwiSaver Act 2006.
The Taxation (Annual Rates and Budget Measures) Act 2011 introduced a number of amendments that affect the calculation of Working for Families (WFF) tax credits. There are three parts to the amendments to the WFF tax credits:
The new legislation introduces changes to member tax credits (MTC) and the taxation of employer superannuation contributions.
The annual income tax rates for the 2011-12 tax year are specified in schedule 1 of the Income Tax Act 2007.