NZ income tax, can anyone work it out accurately?
Jan 22nd 2009, 8:06 am
#1
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Thread Starter
Joined: Jul 2007
Location: bottom of the world
Posts: 4,533
NZ income tax, can anyone work it out accurately?
Hi all i've got a queery over nz income tax.
As i understand it the rates are
[email protected]%
14-40k@21%
40-70k@33%
70k+@39%
I know we had a slight change in taxation late last year but
i dont know if that affected the above figures.
Anywhoo, when i calculate the tax my emloyer deducts (paye) it is ALWAYS wrong if i work from the above rates.
However if i alter the 40-70k tax figure to 39% instead of 33% it is ALWAYS very close(within 50c).
Am i being taxed incorectly?
If anyone knows how to work it out properly please let me know what i should be paying if i made $1008.39. I also pay 4% kiwisaver if that makes a difference.
As i understand it the rates are
[email protected]%
14-40k@21%
40-70k@33%
70k+@39%
I know we had a slight change in taxation late last year but
i dont know if that affected the above figures.
Anywhoo, when i calculate the tax my emloyer deducts (paye) it is ALWAYS wrong if i work from the above rates.
However if i alter the 40-70k tax figure to 39% instead of 33% it is ALWAYS very close(within 50c).
Am i being taxed incorectly?
If anyone knows how to work it out properly please let me know what i should be paying if i made $1008.39. I also pay 4% kiwisaver if that makes a difference.
Jan 22nd 2009, 8:22 am
#2
BE Forum Addict
Joined: Sep 2006
Posts: 4,298
Re: NZ income tax, can anyone work it out accurately?
Hi all i've got a queery over nz income tax.
As i understand it the rates are
[email protected]%
14-40k@21%
40-70k@33%
70k+@39%
I know we had a slight change in taxation late last year but
i dont know if that affected the above figures.
Anywhoo, when i calculate the tax my emloyer deducts (paye) it is ALWAYS wrong if i work from the above rates.
However if i alter the 40-70k tax figure to 39% instead of 33% it is ALWAYS very close(within 50c).
Am i being taxed incorectly?
If anyone knows how to work it out properly please let me know what i should be paying if i made $1008.39. I also pay 4% kiwisaver if that makes a difference.
As i understand it the rates are
[email protected]%
14-40k@21%
40-70k@33%
70k+@39%
I know we had a slight change in taxation late last year but
i dont know if that affected the above figures.
Anywhoo, when i calculate the tax my emloyer deducts (paye) it is ALWAYS wrong if i work from the above rates.
However if i alter the 40-70k tax figure to 39% instead of 33% it is ALWAYS very close(within 50c).
Am i being taxed incorectly?
If anyone knows how to work it out properly please let me know what i should be paying if i made $1008.39. I also pay 4% kiwisaver if that makes a difference.
have a look at www.ird.govt.nz
Jan 22nd 2009, 8:23 am
#3
BE Forum Addict
Joined: Sep 2006
Posts: 4,298
Re: NZ income tax, can anyone work it out accurately?
have a look at www.ird.govt.nz
Jan 23rd 2009, 2:53 am
#4
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Joined: Sep 2006
Location: Mission Bay, Auckland
Posts: 649
Re: NZ income tax, can anyone work it out accurately?
Correct you will have to go through the fun time of completing a tax form for the past tax year - they are on the IRD web site. Worth doing if you have not worked a full tax year or you think you have been over taxed etc. We got a nice rebate last year which was a lovely surprise.
Jan 24th 2009, 1:29 am
#5
Enjoying retirement
Joined: Jun 2008
Location: Rural Taranaki
Posts: 320
Re: NZ income tax, can anyone work it out accurately?
yep, your rates are correct, but have you taken the ACC levy into account?
See
http://www.ird.govt.nz/how-to/taxrat...etaxrates.html
See
http://www.ird.govt.nz/how-to/taxrat...etaxrates.html
