{"id":8063,"date":"2021-04-08T18:32:49","date_gmt":"2021-04-08T06:32:49","guid":{"rendered":"https:\/\/ontrackbookkeeping.co.nz\/?p=8063"},"modified":"2021-05-22T14:02:12","modified_gmt":"2021-05-22T02:02:12","slug":"the-new-tax-rate-of-39-how-is-that-going-to-impact-you","status":"publish","type":"post","link":"https:\/\/ontrackbookkeeping.co.nz\/the-new-tax-rate-of-39-how-is-that-going-to-impact-you\/","title":{"rendered":"The new tax rate of 39% &#8211; how is that going to impact you?"},"content":{"rendered":"<div class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">In December 2020, the NZ Government passed legislation to implement a new personal tax rate of 39% for those with personal incomes above $180,000. This new rate comes into effect from 1 April 2021 (the 2021-2022 income year).<\/span><\/div>\n<div class=\"bi6gxh9e\"><\/div>\n<div class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\"><b>What You Should Know<\/b><\/span><\/div>\n<div class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">As with any changes in tax, there are knock-on effects that you should know about. These include:<\/span><\/div>\n<ul>\n<li class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">New Fringe Benefit Tax rate of 63.93% for all-inclusive pay of more than $129,681<\/span><\/li>\n<li class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">Employer Superannuation Contribution Tax rate of 39% on superannuation contributions for employees whose income from employment and from employer Kiwisaver contributions exceed $216,000 per annum.<\/span><\/li>\n<li class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">39% Resident Withholding Tax rate for individuals on interest income<\/span><\/li>\n<li class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">39% Residential Land Withholding Tax Rate on residential land sales by offshore persons within the bright-line period<\/span><\/li>\n<li class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">39% non-declaration rate of taxable M\u0101ori authority distribution, where a member has not provided an IRD number<\/span><\/li>\n<\/ul>\n<div class=\"bi6gxh9e\"><span class=\"d2edcug0 hpfvmrgz qv66sw1b c1et5uql lr9zc1uh gfeo3gy3 a3bd9o3v knj5qynh oo9gr5id\">Meanwhile, there are no changes to PIE tax rates for individual investors or to Resident Withholding Tax on dividends.<\/span><\/div>\n<div><\/div>\n<div>Contact your <a href=\"https:\/\/ontrackbookkeeping.co.nz\/contact-us\/\">business advisor<\/a> or accountant for more information.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In December 2020, the NZ Government passed legislation to implement a new personal tax rate of 39% for those with personal incomes above $180,000. This new rate comes into effect from 1 April 2021 (the 2021-2022 income year). What You Should Know As with any changes in tax, there are knock-on effects that you should &hellip; <a href=\"https:\/\/ontrackbookkeeping.co.nz\/the-new-tax-rate-of-39-how-is-that-going-to-impact-you\/\">Continued<\/a><\/p>\n","protected":false},"author":12,"featured_media":8064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[203,131,220],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The new tax rate of 39% - how is that going to impact you? - Ontrack Bookkeeping Ltd<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ontrackbookkeeping.co.nz\/the-new-tax-rate-of-39-how-is-that-going-to-impact-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The new tax rate of 39% - how is that going to impact you? - Ontrack Bookkeeping Ltd\" \/>\n<meta property=\"og:description\" content=\"In December 2020, the NZ Government passed legislation to implement a new personal tax rate of 39% for those with personal incomes above $180,000. 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