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So much for no new taxes. Government hikes trustee tax rates

Friday 19 May 2023, 5:29AM

By New Zealand Taxpayers' Union

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New Zealand Budget 2023
New Zealand Budget 2023 Credit: infonews.co.nz

The Taxpayers’ Union has condemned the Government’s announcement that it will increase the trustee tax rate to 39 cents in the dollar to align it with the highest personal income tax rate.

Taxpayers’ Union Campaigns Manager, Callum Purves, said:

“Chris Hipkins’s ‘no new taxes’ pledge lasted about a week with today’s trustee tax rate hike. It’s a broken promise.

”The Government is trying to justify this tax hike by pointing to the most wealthy. But those people can keep money within company structures and pay the 28% company tax rate. In reality this tax grab will hit small business owners who often hold business in trusts for legitimate reasons.”