Act Party Announces Multibillion-Dollar Tax Cut for KiwiSaver Accounts

The Act Party has announced a multibillion-dollar tax cut for New Zealanders' KiwiSaver accounts, proposing to abolish the tax paid on investment earnings made through KiwiSaver and other superannuation accounts.

This move would result in significantly more substantial tax relief than what's currently provided by the Government contribution (up to $260.72 a year) for KiwiSaver members receiving employer contributions, according to Act's costings.

The lost revenue from removing the tax is expected to increase annually, exceeding the savings generated by removing the Government contribution.

Act leader David Seymour stated that this policy change would mean 'more of your investment returns stay invested and more of your money is left to compound over your working life.'