Page 1 of 3 123 LastLast
Results 1 to 10 of 22

Thread: Tax and bank accounts

  1. #1
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Tax and bank accounts

    Do yourselves a favour, get yourselfs an IRD (tax) number as soon as possible, and register it with your bank.

    Interest earned on your bank account attracts government tax at the same rate as the pay scale, so you will be charged the maximum tax rate on interest (33%) until you register your IRD number.

    This will only be applicable to people earning under $38,000 as this is when tax goes from 19.5% to 33%!
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  2. #2
    AnitaampMarco is offline Junior Member
    Join Date
    Apr 2005
    Posts
    11

    Default Tax and bank accounts

    Hi Taffy,
    That's good to know. Thanks for the info.
    Is that $38.000,00 per person? Do you pay tax on your personal income or on your family income?
    Thanks for your answer
    Regards,
    Anita

  3. #3
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Tax and bank accounts

    Hi,

    Thats per person, not combined income.

    So if you're on $35,000 and your partner is on $35,000 then you will both pay 19.5% as opposed to 33% each.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  4. #4
    river is offline Junior Member
    Join Date
    Feb 2005
    Posts
    19

    Default Tax and bank accounts

    Taffy

    if both myself and the OH have a joint bank account, does the interest on the account get taxed at source?

    For example if we get $65k interest a year on savings (with no other income at present) what would the tax on this be and how would it be paid?

    River

  5. #5
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Tax and bank accounts

    Hi,

    I'm not certain which rate it would be, either 19.5% or 33%, it depends how you get rated by the Inland Revenue.

    Tax is deducated automatically from your account each month, and appears as 'Withholding Tax' on your statement. Sounds as though you've done something wrong, when "Withholding" Tax appears on your statement!
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  6. #6
    nessie is offline Member
    Join Date
    Feb 2005
    Posts
    71

    Default Tax & Bank Accounts

    Hi Taffy

    How do you get an IRD number?

    Regards

  7. #7
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Tax and bank accounts

    By going here:

    http://www.ird.govt.nz/how-to/irdnumbers/

    :icon_biggrin:
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  8. #8
    nessie is offline Member
    Join Date
    Feb 2005
    Posts
    71

    Default Tax and bank accounts

    Cheers Taffy :icon_lol:

  9. #9
    moggy's Avatar
    moggy is offline God like figure
    Join Date
    Feb 2005
    Location
    Banks Peninsula
    Posts
    567

    Default Tax and bank accounts

    Do kiwis also pay the equivalent of national insurance?

  10. #10
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default Tax and bank accounts

    Sort of, you pay ACC contributions, which are smaller amounts than National Insurance.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

Page 1 of 3 123 LastLast

Similar Threads

  1. Bank Charges in NZ?
    By katiej35 in forum General NZ Chat
    Replies: 14
    Last Post: 17-10-2007, 04:07 PM
  2. Email accounts
    By Glenda in forum Life in New Zealand
    Replies: 7
    Last Post: 28-02-2007, 04:58 PM
  3. Suggestions for a good bank
    By Ace in forum General NZ Chat
    Replies: 5
    Last Post: 11-10-2006, 03:09 PM
  4. Do you need a NZ bank Account?
    By LilAmy in forum General NZ Chat
    Replies: 4
    Last Post: 07-06-2006, 10:58 AM
  5. Bank accounts. Can we open one?
    By saraian in forum General NZ Chat
    Replies: 7
    Last Post: 19-08-2005, 10:16 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46