Confirmation of annual income tax rates for 2007-08
Confirmation of annual income tax rates for 2007-08 under schedule 1 of the Income Tax Act 1994.
The Taxation (Annual Rates of Income Tax 2007-08) Act 2007 is one of three Acts to result from the passage of the Taxation (Annual Rates, Business Taxation, KiwiSaver, and Remedial Matters) Bill, introduced in May 2007. The new Act received Royal assent on 19 December 2007.
Schedule 1, Income Tax Act 2004
The income tax rates that will apply for the 2007-08 tax year are as follows:
| Policyholder income | 33 cents for every $1 of schedular taxable income |
| Maori authorities | 19.5 cents for every $1 of taxable income |
| Companies | 33 cents for every $1 of taxable income |
| Trustee income (including that of trustees of superannuation funds) | 33 cents for every $1 of taxable income |
| Trustees of group investment funds in respect of Category A income Taxable distributions from non-qualifying trusts | 33 cents for every $1 of schedular taxable income 45 cents for every $1 of taxable distribution |
| Other taxpayers (including individuals) - Income not more than $38,000 - Income more than $38,000 but not more than $60,000 - Income more than $60,000 | 19.5 cents for every $1 of taxable income 33 cents for every $1 of taxable income 39 cents for every $1 of taxable income |
| Specified Superannuation Contribution Withholding Tax Where the employer has made an election under section NE 2B and the amount of salary - not more than $11,400 - more than $11,400 and not more than $45,600 - more than $45,600 Where no election under section NE 2A(2) or section NE 2B is made |
15 cents for every dollar of contribution 15 cents for every dollar of contribution 33 cents for every dollar of contribution 33 cents for every $1 of contribution |