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Sir Michael Cullen's working group has recommended a swathe of changes to New Zealand's tax system. Here they are in a nutshell:
• Capital gains tax (CGT) to apply after the sale of residential property, businesses, shares, all land and buildings except the family home, and intangibles such as intellectual property and goodwill.
• Tax rate to be set at the income-earner's top tax rate, likely to be 33 per cent for most.
• Calculation of gains to not be retrospective - tax to be applied to gains made after April 2021.
• Art, boats, cars, bikes, jewellery, personal household items and the family home to be exempt.