Baqir Hussain
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You're increasing your giving capacity there.
If you don't want to keep it, don't keep it.
But please claim it because you're paying from your after-tax income.
So I still see that happening, again, for individuals number two, which is more catered towards families.
Is the working for families?
They're either not registered or they don't know
When it comes to business owners, a lot of that relates to not claiming expenses that they should be.
Things like home office expenses, a lot of small businesses, startups, self-employed people, contractors, they have a work from home setup and they're still not correctly VC claiming a lot of those expenses.
So in essence, you're leaving money on the table.
You are well within your right and you should claim what you're entitled to, whether you're an individual, whether you're in a family situation, whether you're a business owner, because
Right now, there is this unfortunately debate of how efficiently your tax money as a taxpayer is being spent.
And one of the things which I personally feel which is unfair to salary earners is what we call is the tax creep or the tax threshold creep.
What that is, is due to inflation, due to general wage growth over the years, the average salary earner is paying more taxes
then they should be inflation-adjusted.
What I mean by that is the last time that the tax thresholds were changed by the government was in 2024, and that was done 14 years ago before that.
For example, if the 33% tax rate is right now applicable at 78,000, and this was at 70,000 before that, that wasn't adjusted until...
it took 14 years to adjust that and after that it still hasn't changed what i personally think is that if benefits are indexed to inflation income tax thresholds should also be indexed to inflation because otherwise in real terms you're paying more tax every year
It would absolutely be this because most people in New Zealand, they're salary earners.
And I think just by making this change, this will have a big impact on whether it's the cost of living debate that's going on.