The New Zealand Budget 2010 brought good news for taxpayers. Both company tax and personal income tax are set to be reduced this October.
For income tax payers the following tax cuts will apply:
- Income up to $14,000 will be taxed at 10.5%, down from 12.5%.
- Income from $14,001 to $48,000 drops to 17.5% from 21%
- Income from $48,001-$70,000 down to 30% from 33%
- Income over $70,000 will be cut to 33% from 38%.
The New Zealand tax year ended on March 31st and taxpayers should now file their tax returns and claim their tax refunds from the 2010 tax year.
If you’ve worked in New Zealand taxback.com can assist you in claiming your tax refund – even if you’re not in New Zealand any more. Register today to get your tax back.