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  • Notice to Members:

    COVID-19 LEVEL 4 RESTRICTIONS: While Level 4 continues, all branches will be closed to Members.  However, you can still contact us during weekdays by phone, fax or email (for contact details click here)


    Posted on January 29, 2020

    2021 IRD Tax Rate Changes

    As from 1April 2021, the IRD has made a further change to the RWT tax rates by introducing an additional category but retaining the ‘non-declaration’ rate for Resident Withholding Tax (RWT) at 45%. This means that if you have not given us your IRD number all Dividend/Interest payments will have tax deducted at 45% automatically.

    If you have given us your IRD number but have not chosen an RWT rate, tax will be deducted at the ‘default’ rate of 33%. RWT rate options are 10.5%, 17.5%, 30%, 33% and 39% and should match your expected income. If the RWT rate does not match the rate listed below you may receive an end-of-year tax bill. The following are the income brackets with the tax rate that applies to each:

    Total taxable income

    RWT rate

    Up to $14,000

    10.5%

    Over $14,000 and up to $48,000

    17.5%

    Over $48,000 and up to $70,000

    30%

    Over $70,000 and up to $180,000

    33%

    Over $180,000

    39%

    To ensure that you are not being overtaxed, please email us at enquiries@nzcuauckland.co.nz giving us your Member number, IRD number and correct RWT rate.