Coasties may be interested to know that the Government has taken a significant step toward securing New Zealand’s economic future.

The Taxation (Annual Rates for 2024-25, Emergency Response, and Remedial Measures) Bill successfully passed its first reading, according to Revenue Minister Simon Watts.

The Bill introduces several measures designed to bolster the economy, including a streamlined process for applying tax relief during emergency events such as earthquakes and floods.

In the future, tax responses to these emergencies will be activated by Order in Council, expediting government action and providing quicker certainty for affected taxpayers.

“A more rapid response means a more rapid recovery,” said Minister Watts, highlighting the importance of preparing the system before an emergency event occurs.

In addition to emergency tax relief, the Bill also proposes changes aimed at helping young people secure their economic future.

One of the key proposals is to allow individuals under 16 to enrol in KiwiSaver with the signature of just one guardian, simplifying the process for families where parents live apart.

Other notable measures include easing the transfer of pension funds from selected countries, such as the UK, to New Zealand schemes.

The Bill also seeks to enhance access to capital for eligible businesses by allowing retrospective registration for the approved issuer levy in specific situations.

Additionally, the tech sector and start-ups will benefit from increased thresholds related to exempt employee share schemes.

Minister Watts noted that while the economy shows signs of improvement, there is still work to be done.

The Bill represents an ongoing effort to strengthen the economy and improve conditions for all New Zealanders.