KiwiSaver tax rates need fixing, world’s ‘most punitive’, says savings lobby

Wed, 16 Apr 2014

April 17 (BusinessDesk) – New Zealand’s tax system heavily penalises KiwiSaver while offering massive tax breaks to property investors and needs to change, says savings lobbyist the Financial Services Council. Its executive director, Peter Neilson, issued a plea to political parties on the issue, which sees New Zealanders relying on retirement savings to save nearly twice as much per week as necessary to secure a comfortable retirement. “At a practical level this means a person on an average income would have to save $16 a day rather than $27...

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