Individual Income Tax rates and RWT (resident withholding tax)
|
Individual Income Tax and RWT Rates Income Threshold |
Income Tax and RWT Rate from 1 October 2010 |
RWT Rate from 1 April 2011 |
|---|---|---|
| $0 - $14,000 | 10.5% | |
| $14,001 - $48,000 | 17.5% | |
| $48,001 - $70,000 | 30% | |
| $70,001 and over | 33% | |
| No-notification rate | 33% | |
| Company RWT Rates | ||
| All Income Levels | 33% or 30% | 28% |
PIE Income and your PIR
From 1 October 2010 there are four rates: 0%, 10.5%, 17.5% and 28%
To work out your PIR for the 2011/2012 income year you need to use your taxable income from either of the two previous income years.
| Taxable Income | Taxable Income plus PIE Income/Loss | PIR |
|---|---|---|
| $0 - $14,000 | $0 - $48,000 | 10.5% |
| $48,001 - $70,000 | 17.5% | |
| $70,001 or more | 28% | |
| $14,001 - $48,000 | $0 - $70,000 | 17.5% |
| $70,001 or more | 28% | |
| $48,001 and over | Any amount | 28% |
Secondary Tax Rates
| From 1 October 2010 | |||
| Income Thresholds | Rates | Tax Code | |
| student loan | |||
| $0 - $14,000 | 10.5% | SB | |
| $14,001 - $48,000 | 17.5% | S | S SL |
| $48,001 - $70,000 | 30% | SH | SH SL |
| $70,001 and over | 33% | ST | ST SL |
The above information has been extracted from the IRD website as at 4 April 2011. Please refer to the IRD website for further information.