An occupation is a set of jobs characterised by a high degree of similarity. It requires specialisation of skills to execute the tasks proficiently. As an economy, New Zealand depends greatly on international trade. Exports of wool, meat and dairy products were at one point the core of the economy. Tourism is another sector which brings in large incomes for the country. Free-market economy has given the people of New Zealand access to more industries and occupations. New Zealand, mainly an urban country, has endorsed diverse occupations in the last few decades. As occupations have grown, so has the format of taxation.
All individuals working in New Zealand have to pay a tax on their income. The personal income tax rates are based on tax brackets. A tax bracket is the cut off value for personal taxable income. Income tax is levied in a progressive tax format, which means income past a certain level will be taxed at a higher rate. The upper income tax rate in New Zealand is 39%.
Doctors are among the well paid professionals in the country. Their salaries are fixed by the government and doctors are paid the same salaries for a specific job throughout the country. General practitioners and specialists earn salaries that fit into the high personal income tax bracket. Their earnings are above $120,000. The IT industry is growing rapidly and consultants, project managers and IT architects are very much in demand. These professionals are not only creating business in IT, also are instrumental in supporting other industries as well. People working in the Mining & Energy resources industry have also seen big salary increase in the last few years. The mining and energy centres showed the large salary growth in the country in 2011, with a figure of $100,307. Structural changes in the industry and economy fluctuations have made banking a very exciting profession. It is rich is human capital and is very customer-driven. It offers lucrative remuneration to the financial wizards to generate profits from every dollar invested.
Engineering as an occupation provide with products and services which are essential to all sectors. From civil engineers to product engineers, there is a demand for these specialised individuals who are helping in the sustenance of the growing economy.
Whether it’s the Kiwis or individuals who come from outside and make New Zealand home, all occupations have their own format of earnings, pay scales and personal income tax measure. Individuals opting for occupations yielding high incomes, qualify for high personal income tax, thus offering a win-win situation for themselves as well as the economy.
