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Budget 2011: More for regulation; more bonds; KiwiSaver cuts
Thursday 19th of May 2011
As signalled in advance, Finance Minister Bill English has kept the $1000 kick-start to KiwiSaver but the tax $1040 tax credit is halved and the employer's contribution will now be taxed.
The halving of the tax credit takes effect from 1 June: the taxing of employer contributions from 1 April next year.
Minimum contributions will be increased form 2% to 3% and compulsory employer...
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