Youth to benefit from Labour’s tax free zone

new-zealand-labour-party

Thu Jan 27 2011 13:00:00 GMT+1300 (New Zealand Daylight Time)

Youth to benefit from Labour’s tax free zone

Thursday, 27 January 2011, 11:30 am
Press Release: New Zealand Labour Party

27 January 2011
Media Statement

Youth to benefit from Labour’s tax free zone

Labour's plan to introduce a $5000 tax free zone will be a real boost to young people, particularly those who are working part-time or who are in tertiary education, say Labour's Revenue spokesperson Stuart Nash and Youth Affairs spokesperson Jacinda Ardern.

“Under Labour’s proposal, someone who works eight hours a week for the minimum wage will receive an extra $525 a year,” Jacinda Ardern said.

“Those young people who have been fortunate to secure a job despite such high youth unemployment are often faced with the challenge of juggling part-time work with study.

“With so many young people forced to borrow because of increases in the cost of living and the rise in GST, $525 represents massive financial relief.”

Stuart Nash said that the changes to the tax system were about making it fairer for all New Zealanders.

"The youth sector is one of the key target demographics of this policy, because Labour realises that young New Zealanders work extremely hard, often on the minimum wage. Anything to improve their saving ability has to be a positive," Stuart Nash said.

Jacinda Ardern and Stuart Nash said that any change to the tax system that allowed young Kiwis to get more in the hand had to be good for the economy generally.

“This policy will promote increased savings, more disposable income and greater reward for hard work,” Stuart Nash said. “These are all strong positives.”

ENDS

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