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.
Category: Compliance
Tax Rates in New Zealand
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?
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
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)
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 […]
Minimum Wage Rates
The minimum wage increases from $12.00 per hour to $12.50 per hour from April 1st, 2009 and the minimum training and new entrants rate increases form $9.60 per hour to $10.00 per hour. The new entrants rate applies to those who are 16 and 17 years old. It applies until such time as the employee […]