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Economy — General — NZ — NZ Politics — Politics

Tax of the Day

,   and  Good Oil Staff
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Ram raid. Cartoon credit BoomSlang. The BFD.

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Government quietly introduces $103 billion tax on KiwiSaver

Financial agencies and GST experts have warned the tax will hit KiwiSaver balances hard and be passed on in the form of increased fees, while the opposition has described it as “yet another tax grab … to fleece New Zealanders of their hard-earned cash”.

The Financial Services Council of New Zealand (FSC) also described the changes as legislative “overreaches” and a “suboptimal outcome” in the middle of a cost-of-living crisis.

[…] Modelling from the Financial Markets Authority (FMA) warns the tax and its compounding effects will dent KiwiSaver balances by $103 billion by 2070.

NZ Herald
Ram raid. Cartoon credit BoomSlang. The BFD.

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