Tax rates
New Zealand
Current at 1 June 2013
Personal income tax rates
Taxable income
Rate (%)
Tax ($)
$0 - $14,000
$14,001 - $48,000
$48,001 - $70,000
> $70,001
10.5
17.5
30
33
1,470
7,420
14,020
Company tax rate
28%
Trust tax rates
Income category
Rate (%)
Trustee income
Beneficiary income
Minor beneficiary income
Distribution from a non-complying trust
Income of Maori authorities
33
Taxpayer’s marginal rate
33
45
17.5
Goods and services tax (GST) rate
15%
Fringe benefit tax (FBT)
Employers can pay FBT at either 43% or 49.25% of the taxable value of fringe benefits provided for the first three
quarters of the tax year. If the 43% rate is used in any one of the quarters one to three, complete either the ‘full’
multi-rate calculation or the ‘short form’ option (49.25% for all attributed benefits and 42.86% for all non-attributed
benefits) in the fourth quarter. If the 49.25% rate is used in the first three quarters, either complete the multi-rate
calculation in the fourth quarter or pay FBT at 49.25%.
Multi rates
Fringe benefit inclusive cash remuneration
Rate (%)
$0 - $12,530
$12,531 - $40,580
$40,581 - $55,980
> $55,981
11.73
21.21
42.86
49.25
Portfolio investment entitles (PIE) - individuals
Taxable income
Taxable and PIE income
Rate (%)
$0 - $14,000
$0 - $14,000 $14,001 - $48,000 > $48,001
Any
$0 - $48,000
$48,001 - $70,000
$0 - $70,000
Any
> $70,001
10.5
17.5
17.5
28
28
The rates are based on taxable and PIE income in either of the last 2 income years. A 0% rate applies to trustees
that do not choose a 17.5% or 28% rate, companies and charities. Non-residents must elect a rate of 28% (unless an
investor in a foreign investment PIE).
Resident withholding tax (RWT)
Interest - individuals
Taxable income
Rate (%)
$0 - $14,000
$14,001 - $48,000
$48,001 - $70,000
> $70,001
10.5
17.5
30
33
The default rate for existing bank accounts as at 31 March 2010 is 17.5% when an RWT rate is not elected.
The default rate for accounts opened after 31 March 2010 is 33% . This is also the non-declaration rate if an IRD
number has not been provided.
Schedular payments
Type of payment
Withholding tax rate (%)
Director’s fees
Honoraria
Salespersons’ commissions
Primary production contractors
Contractors in the television, video and film industries
Non-resident contractors
33
33
20
15
20
15
Non-resident withholding tax (NRWT)
Dividends
Fully imputed dividends paid to a shareholder holding 10% or more of the 0%
the direct voting interests in the company and fully imputed non-cash dividends; fully imputed dividends paid to a shareholder holding less than 10%,
if subject to a reduced NRWT rate under a double tax agreement
Fully imputed cash dividend paid to shareholders holding less then 10%
In all other cases
Interest Where 2% approved issuer levy used
In all other cases
Royalties
15%
30%
0%
15%
15%
A double tax agreement may reduce these rates or, in some cases, create an exemption from NRWT entirely.
Moore Stephens Markhams Auckland
T +64 (0)9 309 6011
Moore Stephens Markhams Hawkes Bay Ltd
T +64 (0)6 873 0355
Moore Stephens Markhams Wanganui
T +64 (0)6 349 0888
Moore Stephens Markhams Waverley
T +64 (0)6 346 7070
Moore Stephens Markhams Wairarapa Ltd
T +64 (0)6 377 4139
Moore Stephens Markhams Wellington Ltd
T +64 (0)4 472 4815
Moore Stephens Markhams Christchurch Ltd
T +64 (0)3 379 6710
Markhams Clarke Craw Dunedin
T +64 (0)3 477 0032
www.markhams.co.nz
Moore Stephens Markhams is a network of independent firms that are each members of Moore Stephens International Limited member firms in principal cities throughout the world.
The facts and figures outlined in this summary are current as at 1 June 2013.