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New Zealand Tax Rates

 

New Zealand Tax Rates

New Zealand Tax Rates

Rates of taxes in New Zealand as of April 1, 2009, not including ACC levy of earner levy are 12.5 cents for each NZ dollar for income up to NZ$14,000, 21 cents for each NZ dollar for income from NZ$14,001 to NZ$48,000, 33 cents for each NZ dollar for income from NZ$48,001 to NZ$70,000, and 38 cents for each NZ dollar for income of NZ$70,001 and above.


New Zealand’s standard tax year runs from April 1 to March 31.
Depending upon your tax residency category, diverse taxes may be employed. As a visitor you will are required to pay GST on anything you buy. If you receive a salary or wages, income tax is enforced.

 

For performing artists, entertainers, sports people, and contractors visiting New Zealand, they are required to pay withholding tax. For purposes of tax, you must establish if you are a resident or non-resident. You are a resident of New Zealand if you are out of the country within a twelve-month period of no more than 325 days. You are a non-resident if you go over this period and you have no ties with New Zealand. You can refer to the NZ Inland Revenue Department tax residence guide or IR292 for more details.

You are required to get an IRD number before you can work or start a bank account in New Zealand. You cannot receive income without an IRD number.

The rule on foreign income tax since April 1, 2006 has given those arriving to reside in New Zealand a temporary reprieve from paying taxes on a majority of foreign income types.

 

The country’s savings initiative based on work is the KiwiSaver. The KiwiSaver was started in July 1, 2007 and a majority of residents of New Zealand and those who have a right to live in New Zealand within the age range of 18 years old and above are, by default, enrolled in the KiwiSaver upon starting a new job.
The KiwiSaver is a retirement savings plan which is voluntary. A member can decide to forsake membership at any time from 2 to 8 weeks after commencing employment. The lowest contribution for a member in KiwiSaver is 2 percent of the gross pay of the worker, though many members contribute twice that amount. Working for Families tax credits, previously called family assistance, is economic aid for families who have children who dependent on them financially aged 18 years and below.

 

The amount you may receive from Working for Families tax credits depends on the number of children aged 18 years and below who depend on you, you and your partner’s salary or wage, and the source of your income whether it is through employment or welfare.

The 4 types of Working for Families tax credits are Family Tax Credit which is given to low to middle-income families for every child aged 18 years or below, In-work Tax Credit which is given to families who work the least number of hours per week, Minimum Family Tax Credit which aims to bring the income of a family to $355 a week minus tax (in order to avail of this aid, at least one parent in the family is employed and being paid wages or salary), and Parental Tax Credit which is given for the first fifty-six days of a child’s life.
 

 

  

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