New Zealand Tax News





New Zealand Austria Tax Agreement

October 2023
New Zealand and Austria signed on September 12, 2023 a protocol to the previous 2006 double tax agreement, DTA, between the two countries.
According to the DTA the tax withholding rates for payments of dividends are 0%/5%/15%, depending on the percentage of shareholding in the paying company.
The new September protocol does not affect the existing tax withholding rates for payments of interest and royalties.

How to pay less tax in New Zealand

July 2023
New Zealand tax bill is calculated on net profit.
You can reduce your tax bill by claiming as many valid business expenses as you can.
You'll need to keep good records, eg receipts and log books, and hold them for 7 years.

New Zealand GST of Bodies Corporate

June 2013
The New Zealand inland revenue released on May 8 an issues paper regarding the GST treatment of bodies corporate carrying taxable activities and making supplies to a number of services.
People can submit their views regarding the issue paper by June 18, 2013.
More info: www.ird.govt.nz.

New Zealand New 15% GST

November 2010
The New Zealand Goods and Services tax, GST, increased from 12.5% to 15% effective October 1, 2010.

New Zealand Budget Updates

May 2010
The finance minister presented on 20/5/2010 the second budget which includes significant tax changes.
According to the budget the GST, goods and services tax, will increase from the current 12.5% to 15%, starting October 1, 2010.
From that date personal income tax rates will be reduced to 10.5%-33%, compared to the current 12.5%-38% tax rates.
The corporate income tax rate will also be reduced in the tax year 2011-2012 from 30% to 28%.
More info: www.treasury.govt.nz/budget/2010



U.S. and New Zealand Tax Treaty

December 2008
The U.S and New Zealand signed on December 1, 2008 a new protocol updating the tax current tax treaty between the two countries.
The protocol relates, inter-alia, to excluding U.S. social security and unemployment taxes from the "taxes covered" article 2 of the treaty.
The new tax withholding rate for royalties between the two countries will be reduced from 10% to 5%.
The protocol will enter into force after ratification by both countries.
For more details please see www.ustreas.gov

Nea Zealand Budget 2007/8


May 2007
According to New Zealand's budget for the year 2007/8 there are some significant changes.
The corporate income tax rate would be reduced from 33% to 30%.
A new 15% tax credit will be given to R&D projects, starting 2008/9.
Regarding the saving scheme KiwiSaver, a compulsory contribution will be imposed on employers, from 1% in 2008 to 4% in 2011.
At present the 2007 corporate tax rate in New Zealand is 33%.Individual's income tax rates are 19.5%-39%.
Capital gains are generally tax exempt.
The standard GST, goods and services tax, is 12.5%. The annual turnover for GST registration is NZD 40,000.



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