What do you like about taxes in New Zealand?

What are the taxes in New Zealand?

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No, there are no property taxes in NZ. The nearest thing we have are rates which are levied on property owners by the local council to pay for local roads, drains etc. (But these aren't actual taxes) Individual tax rates for the year ended 31 March 2012 up to $14,0000 10.5% $14,001 - $48,000 17.5% $48,001 - $70,000 30% $70,000 and above 33% This is all taxed at source. Unlike some countries there are very few deductions salary and wage earners can have against your income (of the top of my head I can only think of income protection insurance and accountancy fee's) A flat rate off 2.04% is levied of all salary and wage earners up to a maximum of $111,669 for ACC. This is also not a tax. (I'm assuming your not a kiwi, ACC is a type of accident insurance provided by the government. You can't sue in New Zealand. ACC will pay you approximatly 80% of your income if you have a work place accident which results in you no longer being able to work) Tax on interest is called RWT (same rates as individual tax rates) Tax on dividends are RWT and imputation credits. (imputation credits are really a tax on the person reciving the dividend but are to difficult to explain) We have a 15% tax on all goods & services called GST. We have no tax on capital gains. Business tax rules differ from above. I know this answer is probably more than you wanted but tough ;)

Uilliam

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