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Income splitting stakes ratcheted up

Media statement
For immediate release
Wednesday, 24 August 2005

Income splitting stakes ratcheted up

The value of income splitting for couples with dependant children has increased dramatically, according to United Future finance and revenue spokesperson Gordon Copeland, following National’s decision to move the point at which the top 39 cent personal tax rate cuts in up to $100,000,

“At the present $60,000 threshold for the 39 cent rate, the benefit from income splitting cuts out at a combined couple income of $120,000,” said Mr Copeland.

“United Future policy is to move that threshold to $65,000 which would shift the income splitting cut out level to $130,000. However National wants to move the 39 cent threshold to $100,000 which will move the income splitting cut out level up to $200,000!

“That means a couple with dependant children and a combined income of up to $200,000 would be paying a top tax rate of just 33 cents in the dollar. Accordingly National’s move greatly increases the benefit to couple-led families of income splitting.

“At the existing $60,000 threshold, the number of couples who would benefit from income splitting is 325,000, i.e. 650,000 taxpayers. But at National’s new $100,000 threshold, that number would swell to something in excess of 400,000 couples.”

Mr Copeland pointed out that since United Future is the only party with an income splitting policy, these new realities provide a compelling reason for couples to ensure that United Future is part of the next government, whether led by Labour or National.


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