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Dunne says he will bring in income splitting bill

Contributor:
Fuseworks Media
Fuseworks Media
Peter Dunne
Peter Dunne

Wellington, March 26 NZPA - Legislation allowing income splitting for tax purposes will be introduced to Parliament later this year, Revenue Minister Peter Dunne says.

Mr Dunne, leader of the United Future Party which has a support agreement with the Government, has campaigned on income splitting for several years.

Today, in a speech to the Tax Agents Institute conference in Greymouth, he said he was going ahead with it.

"Also on the agenda is a subject of great personal interest to me, that of income splitting, a scheme which allows families with dependent children to split their incomes for tax purposes, thereby reducing their overall tax liability," he said.

"Officials have analysed submissions on the consultation paper released late last year and are now working on detailed proposals that will form the basis of legislation I will introduce later this year under the confidence and supply agreement between my party, United Future, and the National Government."

Income splitting works when one partner has a higher income than the other. When it is split between them, it falls into lower tax brackets.

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