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Current Income Tax Rates
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Individuals
The basic rate of tax (before allowing for credits and excluding ACC earner premiums) that apply to individuals for the 2012/2012 income year are:
Taxable income $ |
Tax rate % |
Cumulative tax $ |
| 0 - 14,000 | 10.5 | 1,470 |
| 14,001 - 48,000 | 17.5 | 7,420 |
| 48,001 - 70,000 | 30.0 | 14,020 |
| over 70,000 | 33.0 |
Companies
The rate of tax that will apply to companies (Except LTC’s) for the 2012/2013 income year is 28%.
Income or Losses earned in an LTC will be passed onto the Shareholders based on their effective interest in the company. Profits will be included in the owners tax return and taxed at their marginal tax rate, while losses can be offset against owners other income subject to a loss limitation rule.
Trusts and Estates
A Flat Rate of Tax applies to Income earned in Trusts of 33%.
To complete your Annual Account return and maximise all your allowable expenses.
Independent earner tax credit (IETC)
Under $9,880.00
Return to Tax Facts
