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
| 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 $9,500 | 15 cents for every dollar of contribution |
| -more than $9,500 and not more than $38,000 | 21 cents for every dollar of contribution |
| -more than $38,000 | 33 cents for every dollar of contribution |
| Where no such election is made | 33 cents for every $1 of contribution |
The income tax rates confirmed are the same as those that applied for the 2004-05 tax year.