On 14 December 2017, the New Zealand parliament adopted in the third reading the Families Package (Income Tax and Benefits) Bill. The legislation includes a number of amendments concerning individual income tax, including the repeal of the increase in first two individual income tax brackets that was approved earlier in the year. With the repeal, the brackets and rates will remain as follows from 1 April 2018:
- up to NZD 14,000 - 10.5%
- NZD 14,001 up to NZD 48,000 - 17.5%
- NZD 48,001 up to NZD…