Tax
Personal Income:
The basic rate of income tax for the person on each dollar of the person’s taxable income is calculated using the table:
From 01 April 2011
|
Row |
Range of dollar in taxable income |
Tax rate |
|
1 |
$0 – $14,000 |
0.105 |
|
2 |
$14,001 – $48,000 |
0.175 |
|
3 |
$48,001 – $70,000 |
0.300 |
|
4 |
$70,001 upwards |
0.330 |
Taxable income: companies
From 01 April 2011
• The basic rate of income tax for the company on each dollar of the company’s taxable income is 0.28.
Taxable income: trustees
• The basic rate of income tax for the trustee on each dollar of the trustee’s taxable income is 0.33.
Taxable distribution: non-complying trust
• The basic rate of income tax on each dollar of a taxable distribution made by a non-complying trust is 0.45.
Taxable income: Maori authorities
• The basic rate of income tax for a Maori authority on each dollar of the Maori authority’s taxable income is 0.175
Basic tax rates for attributed fringe benefits
From 01 April 2011
|
Row |
Range of dollar in all-inclusive pay |
Tax rate |
|
1 |
$0 – $12,530 |
0.1173 |
|
2 |
$12,531 – $40,580 |
0.2121 |
|
3 |
$40,581 – $55,980 |
0.4286 |
|
4 |
$55,981 upwards |
0.4925 |
Basic tax rates for ESCT (Employer superannuation contribution rate)
Amount of tax calculation for section RD 67(a)
|
Row |
ESCT rate threshold amount |
Tax rate |
|
1 |
$0 – $16,800 |
0.105 |
|
2 |
$16,801 – $57,600 |
0.175 |
|
3 |
$57,601 – $84,000 |
0.300 |
|
4 |
$84,001 upwards |
0.330 |
Or as per section RD 67(b) , the amount of tax is determined by applying the rate of 0.33 to each dollar of an employer’s superannuation contribution.
Above tax rates are as per Schedule 1 of ITA 2007