How your New Zealand income tax rate may change over time

The amount of income tax you pay depends on your income and whether you are entitled to any tax credits. This will undoubtedly change throughout your life, and thus so will your income tax rate.

IRD Number Before you begin any form of paid employment in New Zealand, you must have an IRD number by which the IRD will be able to identify you and which will never change. It is possible t...

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Are Kiwis paying the highest sales tax in the world?

The sales tax increase back in late 2010 outraged many Kiwis, making our already highly-priced goods and services even more expensive. But how does this increase actually affect us? Compared to the rest of the world, is a 15% sales tax considered too high or low? And how much does it really matter when taking other factors like income tax into consideration?

Sales tax was first intro...

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Working for Families Tax Credits – are you eligible?

Working for Families was introduced in 2004. It is designed to ensure that all New Zealand families have adequate income, and to support parents who are in paid employment. If you have dependant children of 18 years or under (dependant means they are supported by you, and are not in paid employment), you may be eligible for Working for Families tax credits, particularly if you are in a lower...

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Which is the first country in the world to pay income tax?

Income tax is imposed by governments on income created by all individuals who come within the law of that country. Income tax includes almost everything a person earns - salaries, dividends on investments, savings accounts, rents, etc. A monthly payment for professionals like lawyers, doctors and authors is also included under the ambit of income tax. The money raised by collecting income t...

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Tax Credit Support for Working Parents

There is a package provided by Work and Income and the Inland Revenue Department available to working parents, which comes under the banner of “Working for Families.” Working for Families is a package designed to help make it easier to work while raising a family. The Working for Families package is available for almost all families with children with income less than $70,000 a year, and som...

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Could you receive a refund during the annual New Zealand tax refund season?

A huge number of people don’t realise that they could be entitled to a New Zealand tax refund. Indeed, millions of dollars are lost to the government each year in overpaid tax. Whether you investigate yourself or employ the services of a tax agent, always check what you are rightfully entitled to or you could be paying too much tax. Here’s how:

Could you be entitled to a tax refund? ...

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Retirement Income Rates – are they increasing?

Have you been retired for a decade or more and wonder if your retirement funds are sufficient? Are you finding your money is buying less or are you able to afford more luxuries? This article looks at retirement income compared to a decade ago. These questions are quite hard to answer in a general way, as everybody’s situation will be different. Retirement income may come from New Zealand Su...

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What has changed in the last decade on Income Tax

What has changed in the last decade on income tax?

Income tax rates in New Zealand are in a constant state of change. These changes occur often and regularly, due to changes to shifting financial climates as well as the changing policies of Governments. Changes to income tax rates are not usually wholesale changes or paradigm shifts, but more small changes from year to year that aff...

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