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New Zealand Income Tax Rate for 2017, 2016, 2015, 2014, 2013

New Zealand Personal Income Tax Rate 2015-2016

Income ($)

Tax Rate

 

0 - 14,000

 

10.5%

 

14,001 - 48,000

 

17.5%

 

48,001 - 70,000

 

30%

 

Over 70,000

 

33%

 

No Notification Rate

 

45%

 

 

 

Rates are for the tax year 1 April 2015 to 31 March 2016, and are based on tax code M (primary income without student loan) and excludes the ACC earners' levy. The earners' levy rate (including GST) for the period 1 April 2015 to 31 March 2016 is 1.45% ($1.45 per $100).

In New Zealand, the income is taxed by the amount that falls within each tax bracket. For example, persons who earn $70,000 will pay only 30% on the amount that falls between $48,001 and $70,000 rather than paying on the full $70,000. Consequently, the corresponding income tax for that specific income will accumulate to $14,020 - which comes to an overall effective tax rate of 20.02% of the entire amount.

Tax credits

The amount of tax actually payable can be reduced by claiming tax credits, e.g. for donations, childcare and housekeeper, independent earners, payroll donations, income under $9,880, and children.

Tax credits on income under $9,880 and for children were removed effective from 1 April 2013.

Tax deducted at source

In most cases employers deduct the relevant amount of income tax from salary and wages prior to these being paid to the individual. This system, known as pay-as-you-earn, or PAYE, was introduced in 1958, prior to which employees paid tax annually.

In addition, banks and other financial institutions deduct the relevant amount of income tax on interest and dividends as these are earned. This is known as resident withholding tax.[10]

At the end of each tax year, individuals who may not have paid the correct amount of income tax are required to submit a personal tax summary, to allow the IRD to calculate any under or overpayment of tax made during the year.

New Zealand Social security & insurance levies etc

Social security and health: covered by general tax, though many people have private health insurance.

ACC (New Zealandís unique accident compensation scheme): earners pay 1.45% up to a maximum of $118,191 in earnings.

Motorists pay a levy with their annual car registration. Employers pay insurance cover based on industry risk.

New Zealand Company Income tax Rate

Corporate Income Tax Rate in New Zealand is 28%

New Zealand Sales and Excise Tax

Goods and services tax (GST) of 15% on most things.
Excise tax paid on petrol, tobacco, alcohol.

New Zealand Capital Gains Tax

Capital gains generally not on New Zealand investments but applies to foreign debt and equity investments.

New Zealand Personal Income Tax Rate 2014-2015

Lowest Individual Tax Rate is 10.5% and Highest Rate is 33%

 

Income ($)

 

Tax Rate

 

0 - 14,000

 

10.5%

 

14,001 - 48,000

 

17.5%

 

48,001 - 70,000

 

30%

 

Over 70,000

 

33%

 

No Notification Rate

 

45%

 

 

Note 1 - Earners' levy rate (GST-inclusive) for period 1 April 2014 to 31 March 2015 is 1.45% ($1.45 per $100).
Note -2 Employers are legally required to use the no-notification rate when an employee does not fully complete the Tax code declaration (IR330). A completed form must include name, IRD number and tax code, and be signed.
CC earners' levy rates

All employees must pay an ACC earners' levy to cover the cost of non-work related injuries. It is collected by us on behalf of the Accident Compensation Corporation (ACC).

Employers deduct the earners' levy from wages. It is included as a component of PAYE deductions.

Earners' levy is charged at a flat rate each year:

Year Levy rate
1 April 2014 to 31 March 2015 $1.45 per $100 (1.45%)
1 April 2013 to 31 March 2014 $1.70 per $100 (1.70%)
1 April 2012 to 31 March 2013 $1.70 per $100 (1.70%)
1 April 2011 to 31 March 2012 $2.04 per $100 (2.04%)

Earners' levy is deducted on earnings up to an annually prescribed maximum:

Year Minimum Maximum
1 April 2014 to 31 March 2015 $118,191 $1,713.76
1 April 2013 to 31 March 2014 $116,089 $1,973.51
1 April 2012 to 31 March 2013 $113,768 $1,934.05
1 April 2011 to 31 March 2012 $111,669 $2,278.04

Note - For self-employed earnings, earners' levy is deducted on earnings up to an annually prescribed maximum of $116,089. The maximum levy payable is $1,683.29 for the 2014-15 tax year

New Zealand - Income liable for earners' levy

Almost all earnings subject to PAYE are liable for earners' levy. They include:
wages and salaries
back pay and holiday pay
overtime pay
long-service pay
bonuses or gratuities
taxable allowances
shareholder-employee salaries from which PAYE is deducted
salaries to partners in a partnership.
 

 
 

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