Public 2005 No 120
Issued
2005

Taxation (Annual Rates of Income Tax 2005-06) Act 2005

The income tax rates that will apply for the 2005-06 tax year as listed in Schedule 1 of the Income Tax Act 2004.

The Taxation (Annual Rates of Income Tax 2005-06) Act 2005 is one of the three Acts to result from passage of the Taxation (Urgent Measures) Bill, introduced in November 2005. The new Act received Royal assent on 21 December 2005.

Schedule 1, Income Tax Act 2004

The income tax rates that will apply for the 2005-06 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, public authorities and local authorities 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 33 cents for every $1 of schedular taxable income
Taxable distributions from non-qualifying trusts 45 cents for every $1 of taxable income
Other taxpayers (including individuals)  
Income not exceeding $38,000 19.5 cents for every $1 of taxable income
Income exceeding $38,000 but not exceeding $60,000 33 cents for every $1 of taxable income
Income exceeding $60,000 39 cents for every $1 of taxable income
Specified superannuation contribution  
Where the employee has made an election under section NE 2AA 39 cents for every $1 of the withholding tax contribution
Where the employer has made an election undersection NE 2AB and the amount of salary or wages given by section NE 2AB is: 
- not more than $9,50015 cents for every dollar of contribution
-more than $9,500 and not more than $38,00021 cents for every dollar of contribution
-more than $38,00033 cents for every dollar of contribution
Where no such election is made33 cents for every $1 of contribution

The income tax rates confirmed are the same as those that applied for the 2004-05 tax year.