n foreign dividends received by resident corporations, can be utilized by nonresidents.
See also “Personal allowances” above for permitted rebates.
OTHER TAXES
A statutory scheme of accident insurance is funded in part by premiums payable by employers and employees. Premiums paid by employers (including the self-employed) fund insurance for work-related accidents. Premiums are payable at a rate set for the industrial category on leviable earnings up to a maximum of NZ$84.636 (NZ$85,795 from April 1, 2001) per employee.
Non-work-related accident insurance is funded by premiums paid by employees and the self-employed. The premium is a flat NZ$1.30 per NZ$100 (NZ$1.10 from April 1, 2001), including goods and services tax (GST), on taxable earnings up to a maximum of NZ$84,636 (NZ$85,795 from April 1, 2001).
The maximum levy is therefore NZ$1,100.27.
Fringe benefit tax/Employers are subject to a tax-deductible fringe benefit tax (FBT) on the value of noncash fringe benefits provided to their employees. Employers can elect to pay FBT at flat rates (64% on attributed benefits, 49% on pool benefits, i.e., those benefits that cannot be attributed to a particular employee) applied against the value of the
benefit or can attribute fringe benefits to individual employees and pay FBT based on each employee’s marginal tax rate. Under the attribution option, the applicable FBT rate depends on the net remuneration (including fringe benefits) paid to the employee. The attribution calculation treats
the fringe benefit as if it was paid in cash and calculates FBT as the notional increase in income that otherwise would have arisen. The rates are shown below.
FBT
Net remuneration rate
(In ZN$) %
Up to 8,075…………………………………………………… 17.65
8,076-30,590 ……………………………………………… 26.58
30,591-45,330……………………………………………… 49.25
45,331 and above …………………………………………… 63.93
Fringe benefits include cars available for private use, loans at below prescribed interest rates, contributions to medical insurance schemes, and contributions to foreign superannuation schemes. Employers’contributions to an approved superannuation fund (excludes foreign schemes) are subject to a withholding tax of 33%.
Goods and services tax/A form of value added tax, GST, applies to most supplies of goods and services. The narrow category of exempt supplies includes financial services. The rate is 12.5% or 0%. The 0% rate applies to only a few supplies, including exports.
Superannuation fund withdrawal tax/An effective tax of 5% applies to amounts withdrawn from superannuation funds, to the extent the withdrawals include the return of superannuation contributions made by an employer on an employee’s behalf after April 1, 2000. The tax also applies to withdrawals of earnings derived after April 1, 2000, on employer contributions.
TAX ADMINISTRATION
Returns/The New Zealand tax year ends on March 31. Returns (if required) must be filed by July 7 each year, depending on the income type and/or the country of source. Individuals file separate returns. There is no provision for joint returns for husband and wife. Failure to file a return (if required) may result in prosecution with penalty. The requirement to
file a return has been abolished for most individuals who earn only employment income, effective from the year ending March 31, 2000.
Payment of tax/With the exception of employee shares/options income, employment income (source deduction income) is subject to income tax under a pay-as-you-earn (PAYE) system. If tax on nonsource deduction income exceeded NZ$2,500 in the prior year, provisional tax payments are required during the year, generally on the basis of the prior year’s tax uplifted
by 5%. Provisional tax is generally paid in advance in three installments. Any balance of tax (terminal tax) payable arising from the filing of a return at March
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