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Simon Bridges National MP www.simonbridges.co.nz |
The generosity of our people never ceases to amaze me. Let me give you a couple of examples of Tauranga charity from the last fortnight. First was the 16th Annual Tauranga Police CIB Charity Auction.
When Detective Sergeant Pete Blackwell started these, about 40 people attended and $200 was raised for a good cause. A couple of Fridays ago the lunchtime event raised about $175,000 to take the total raised over the years by Pete and his colleagues to above $1 million. What an amazing amount of good that money has done locally. This year's well-deserving recipients were Te Aranui Youth Trust and the Tauranga Community Housing Trust.
Another act of charity I learned about a couple of weekends back is on a different scale, yet is also an awesome effort. At the Bay of Plenty Chinese Culture Society's Chinese Moon Festival Celebration, I was lucky enough to hear 13-year-old Bethlehem College student Ricky Balfour play the violin. While his playing was magnificent, what really touched me was Ricky's story.
Many of you will have seen Ricky busking on Devonport Rd near the shops. Ricky, however, doesn't busk to finance a new computer or a bike or some new jeans for himself. Ricky's busking has gone to fund his sponsorship of a nine-year-old child in Guatemala. Ricky is a great example of generosity to us all.
SIDEHEAD: Supporting older New Zealanders
Hard-working Kiwis and their families deserve the opportunity to get ahead. National is helping you achieve this with the biggest changes to our tax system in nearly 25 years.
From October 1, we're cutting personal taxes across the board. At the same time GST will rise to 15 per cent and Working For Families, NZ Super, and benefit payments will increase by 2.02 per cent to compensate for the GST increase.
These changes will leave the vast majority of people better off.
Someone on the average wage will be about $15 a week better off. A family on the average household income will be about $25 a week better off. Older New Zealanders will also benefit.
Superannuitants will get a double boost. They will receive a rise in NZ Super – to compensate for the increase in GST – and cuts in personal tax. Personal tax cuts will apply to NZ Super payments, and to any other income such as interest, dividends, or part-time work.
From October 1, we are reducing resident withholding tax rates on interest to align with the lower personal tax rates. And the tax rates for portfolio investment entities (PIEs) and managed funds will also drop in coming months. This will increase after-tax earnings on savings.
After these changes, a married couple who receives NZ Super, own their own home, and do not have any other income, will be about $11 a week better off.
A single superannuitant who owns their own home and has $200,000 of investments generating $10,000 income a year will be about $12 a week better off.
Since mid-2008, thanks to tax cuts and other adjustments, superannuation payments have increased significantly. The rate for a married couple has risen from $439.80 for each person per fortnight to $511.06 after 1 October. That's an increase of $71.26 per person a fortnight – a 16 per cent boost in just over two years.
The October 1 tax cuts are an important part of National's six-point plan to grow the economy. Only a growing economy can create sustainable jobs, provide the world-class health and education services that families need, and deliver the higher incomes that older people – and all New Zealanders – deserve.
To find out how the tax changes benefit you, visit the online tax calculator at www.taxguide.govt.nz