Retirement Income Rates – are they increasing?
Have you been retired for a decade or more and wonder if your retirement funds are sufficient? Are you finding your money is buying less or are you able to afford more luxuries? This article looks at retirement income compared to a decade ago. These questions are quite hard to answer in a general way, […]
What has changed in the last decade on Income Tax
What has changed in the last decade on income tax? Income tax rates in New Zealand are in a constant state of change. These changes occur often and regularly, due to changes to shifting financial climates as well as the changing policies of Governments. Changes to income tax rates are not usually wholesale changes or […]
Different income groups that need to pay tax
All Kiwis pay tax on the income they earn. This payment is mandatory and applies to all wages, commissions, return on investments, rent from property, or any other source of income. The residents of New Zealand are accountable for their worldwide taxable income. The Inland Revenue Department collects taxes on behalf of the government. The […]
Has Your Income Tax Credit Changed?
Just when you think you’ve got a handle on the best income tax credit for your needs, the IRD comes along and changes the rules! Here in New Zealand, you can claim tax credits for all kinds of things. That way, you can reduce your net income — and, as a result, reduce your tax […]
Does the government spend taxpayers’ money wisely?
Every year, millions of taxpayers promptly pay up income tax as mandated by the Government of New Zealand. Taxpayers cough up billions of dollars in taxes, filling up the government coffers and hoping that their hard earned money is wisely spent on public services that will enhance their quality of life in the years to […]
Are kiwis paying more tax than other countries?
The income tax rate, the rate that every New Zealander pays on every dollar that they earn, is always a hot topic, especially around election time. But how much are we actually paying, and how does the New Zealand income tax rate compare to other countries? One thing most of us do know, is that […]
How much tax refund do New Zealanders get on average?
The amount of your New Zealand tax refund, if any, will be determined by your personal circumstances, and many people are pleasantly surprised by the amount of refund they receive. There is no way to calculate how much an average tax refund would be, as it varies so much between individuals. Some tax agents claim […]
Are we Paying Less or More Income Tax than 10 Years Ago?
Income tax is something we have to pay, and like Benjamin Franklin said, only two things are certain in life, taxes and death. We pay income tax on every dollar we earn and it comprises a part of every minute we work. Unfortunately, when it comes to New Zealand income tax rates, we only get […]
Are you paying more income tax than your parents 20 years ago?
How have the Global Financial Crisis, petrol price hikes, GST rise, and different parties leading New Zealand’s Government affected income taxes over the last 20 years? The tax-paying generation of the early 1990s included the Baby Boomers and ‘Generation X’. Twenty years on, their children, ‘Generation Y’, are now paying tax. A lot has happened […]
Tax rates on Trust Income
What is the tax rate on your earnings from trusts? The income from a trust is separated into two parts for tax purposes: beneficiary income and trustee income. Beneficiary income is all the money given to a beneficiary of the trust during the tax year, or money used for their benefit within six months of […]
