to tax on only their New Zealand-source income.
7.Payment of Taxes
Provisional Tax. Corporations are required to pay tax in three
installments during the year in which the liability will arise, and to settle any adjustment after the end of the year. Provisional tax liabilities must be calculated with reference to estimated income tax if the corporation expects to pay more than NZ$ 300,000 in tax. The installments are payable in the fourth, eighth, and twelfth month of the corporation financial year. Any adjustment required is payable by companies with early balance dates (October 1 to March 31, inclusive)
in the eleventh month after the end of the financial year. Companies with late balance dates (April 1 to September 30, inclusive) are required to pay the adjustment the following February. Payment of all installments, and final adjustment, is required even if an assessment has not been issued.
Resident Withholding Tax. Resident corporations that do not hold certificates of exemption are liable to have resident withholding tax deducted from any interest payments made to them. From July 1, 1996, the resident withholding tax rate was reduced from 24% to 21.5%. The rate will be further reduced to 19.5% from July 1, 1998. Resident withholding tax is deducted at 33% where the entity has not disclosed its IRD number to the payer of the interest. A full credit for any resident withholding tax deducted is allowed in respect of the
corporation ultimate liability to New Zealand tax. Certificates of exemption are issued by the Revenue authorities and normally are available only to banks and similar institutions, corporations with gross annual incomes in excess of NZ$ 2 million, or entities whose income is tax exempt.
8.Other Matters
Controlled Foreign Corporations (CFCs). A CFC is a nonresident company controlled either by five or fewer New Zealand residents or by a single New Zealand resident with a control interest of 40% or more, unless there is an unassociated nonresident shareholder who has an equal or greater control interest.
Effective April 1, 1988, CFC income is attributed to New
Zealand residents with an income interest of 10% or greater subject to certain transitional provisions and exemptions for third schedule countries: Australia, Canada, Germany, Norway, Japan, the United Kingdom, and the United States. The regime allows credits for foreign tax by jurisdiction, precludes the deduction of CFC losses from the resident other income and involves recalculation of income applying New Zealand tax principles.
Foreign Investment Funds (FIFs). The FIF regime extends the CFC regime to target interests in foreign companies, foreign superannuation schemes, and life insurance policies issued by foreign entities not subject to New Zealand tax. Generally, a New Zealand resident will not have an interest in a FIF if the foreign entity is a company resident in one of the third schedule countries listed above or if the total cost of all FIF-type interests held by an individual does not exceed NZ$ 20,000. The FIF regime has general application as of April 1, 1993.Group Assessments. See item 31.
INCOME TAXES ON INDIVIDUALS
9.Rates
Income tax rates are the same for residents and nonresidents. The low-income earner rebate (income under $9,880) is only available to New Zealand residents. Rebates are allowed for housekeepers and charitable donations in certain circumstances.
Effective July 1, 1996, the first of a series of reductions in the income tax rates for individuals was applied. As a consequence of the 1996 general election and subsequent coalition agreement, the second stage of tax rate reductions have been deferred from July 1, 1997, to July 1, 1998. The following rates apply to the total of all forms of income over the relevant period:
Taxable Income
Income Year Tax on Percentage
(April 1 to March 31) Over Not Over
Lower Amount on Excess
1995/1996 NZ$ 0 NZ$ 30,875 NZ$ 0 24%
30,875 7,410 33
1996/1997 0 30,875 0 22.125
30,875 34,200 6,831 24.375
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