The following changes to personal tax come into effect on your first pay, physically paid, after October 1st, 2010 For Income up to $14,000 the rate reduces from 12.5% to 10.5% For Income up to $48,000 the rate reduces from 21.0% to 17.5% For Income up to $70,000 the rate reduces from 33% to 30% [...]
Archive for the ‘Tax Related’ Category
Tax Changes due October 1st, 2010
Posted: May 20, 2010 by paularetallick in Tax RelatedTags: 2010 Tax Changes, ACC Levy, Personal Tax
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Minimum Wage Increase
Posted: February 17, 2010 by paularetallick in Payroll Stuff, Tax RelatedTags: minimum wage
Minimum Wage Increase Minimum Wage – From 1st April 2009 There are three groups to calculate minimum wages for. These are the ‘Adult Minimum Wage’, ‘New Entrant’s Minimum Wage’ and ‘Training Minimum Wage’. Adult Minimum Wage This applies to all workers who are 16 years old and over who are not new entrants or trainees. [...]
Student Loans – 10% bonus
Posted: August 21, 2009 by paularetallick in Tax RelatedTags: student loans
Early repayments of $500 or more in any tax year off a student loan will earn a 10% bonus. In some cases it may be worth accepting the offer. However, don’t overlook the time value of the money.
There is a special rebate for redundancy payments of 6 cents in the dollar. If you have to make any of your staff redundant, remind them they can complete form IR524, immediately, and may get a rebate of some tax, depending on the rate they pay and the total pay-out.
Tax Rates in New Zealand
Posted: August 20, 2009 by paularetallick in Tax RelatedTags: acc, ird, paye
The PAYE for primary employment is - 14.2 % on income up to $14,000, plus – 22.7% on income over $14,000 up to $48,000, plus – 34.7% on income over $48,000 up to $70,000, plus – 39.7% on income over $70,000 up to $106,473. Income over $106,473 is taxed at 38% as this is the [...]
Will you get money back?
Posted: August 17, 2009 by paularetallick in Tax RelatedTags: ird, tax refunds
Inland Revenue are currently running a campaign to encourage tax payers to find out if they are entitled to a Tax Refund. There are a number of companies that can do this for you but they will charge a fee, whereas the IRD service is anonymous and FREE. To find out more click HERE
Redundancy Payments
Posted: July 13, 2009 by paularetallick in Tax RelatedTags: loss of dignity, redundancy payments, termination pay
We are getting a few more requests to process Redundancy Payments which can include quite a number of different items. It is very useful for us when handling redundancy payments if you can send us the terms of the redundancy as this may affect how payments are treated, for example, should any bonuses be included [...]
Independent Earners Tax Credit (IETC)
Posted: April 1, 2009 by paularetallick in Tax RelatedTags: ietc, tax
From the 1 April 2009 the independent earner tax credit (IETC) will provide tax relief to middle-income New Zealanders who don’t receive core assistance from the government. IETC is a tax credit for individuals who earn between $24,000 and $48,000 and don’t receive: working for families tax credits, an income-tested benefit, NZ super or a [...]
