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Tax Announcements
Latest IRD and legislation change notices
Minimum Wage
The new minimum wage rates, before tax, are:
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Adult – $23.15 an hour (up from $21.20)
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Starting out – $18.52 per hour (up from $16.96)
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Training – $16.96 per hour (up from $16.00
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Top Tax Rate Increases to 39%
The government has announced an increase to the top individual tax rate to 39% on income over $180,000.
This is effective form 1 April 2021.
There are consequential amendments that will happen as a result of this and these include changes to Fringe benefit tax, Employer Superannuation Contribution Tax, Resident withholding tax and Residential land Withholding tax rates.
At this stage Company and Trust tax rates are unchanged at 28% and 33% respectively, however Inland revenue have advised they will be watching closely the use of trusts.
The Dividend withholding Tax rate is unchanged however those earning $180,000 or more may now have to lodge a tax return to pay the additional 6% on dividend income.
IRD Brightline Test
From 1 July 2024 the Bright Line test has been reduced to 2 years on all residential investment properties.
Interest Limitation
From 1 April 2024 interest limitation will allow an interest deduction of 80%.
From 1 April 2025 100% of interest will be deductible.