2008 media releases
Employers reminded about new tax rates
22 September 2008
Inland Revenue is advising employers that they need to be ready to start using the new tax rates from 1 October.
Changes to PAYE rates take effect from that date, meaning employers will need to use the new rates for pay periods that end on, or after, 1 October.
Group Manager Assistance, David Udy, said Inland Revenue had already issued updated PAYE deduction tables to all employers.
"We have worked with payroll providers and companies to ensure their software takes account of the new rates."
If people are self-employed and pay provisional tax the changes to personal income tax rates will affect them too, he said.
The current and new tax rates for PAYE are:
| Tax rates until 30 September 2008+ | Tax rates from 1 October 2008 to 31 March 2010* |
|---|---|
| 15% on income to $9,500 | 12.5% on income to $14,000 |
| 21% on income between $9,501 and $38,000 | 21% on income between $14,001 and $40,000 |
| 33% on income between $38,001 and $60,000 | 33% on income between $40,001 and $70,000 |
| 39% on income over $60,000 | 39% on income over $70,000 |
+ takes into account the effects of the low income rebate
* not including ACC earners levy.
The tax code declaration (IR330) form has also been updated and employers need to have the new form available for employees from 1 October.
More information can be found about all these changes, their implications, and the updated PAYE calculators on the Inland Revenue website.
For further information contact Catherine Delore:
(04) 890 1743
(029) 890 1743
catherine.delore@ird.govt.nz
Other media releases this year
- Accountant sentenced for tax evasion
- Invercargill accountant jailed for tax evasion
- Dairy owner sentenced for hiding half a million
- Tauranga court jails man for tax evasion
- Most Working for Families recipients not charged interest for overpayments
- Former Kaikohe farm manager jailed for tax evasion
- Auckland plasterer jailed for tax evasion
- New callback service rolled out across Call Centre
- Former employee sentenced
- KiwiSaver report released
- Inland Revenue expands e-services
- Do-it-yourself tax refunds
- Former Inland Revenue employee pleads guilty to corruption
- Sentencing strong message for contractors
- Accountant jailed for defrauding clients and Inland Revenue
- Inland Revenue pilots callback system to help customers
- Inland Revenue proposes changes to company tax return
- Agricultural contractor sentenced
- Jail for horticultural student
- Tax fraud results in jail term
- Thousands apply for student loan amnesty
- Early Working for Families Tax Credits payments
- Inland Revenue wins People's Choice NetGuide web award for second time
- Waikato couple sentenced for tax evasion
- Inland Revenue warns about income diversion
- Report of investigation of an error in tax revenue numbers
- Tax credits for people made redundant
- R&D tax credit goes live
- Student Loan amnesty - last chance to apply
- Revised financial statements
- Tax advice for investors in failed finance companies
- Tax advice for property investors
- Provisional tax gets easier
- Early Working for Families Tax Credits payments
- IRD numbers about to get longer
- Tax authorities work together to stop international tax evasion
- Inland Revenue helps drought-affected farmers
- IRD numbers available at NZ Post and AA
- Inland Revenue warns against divulging personal details
- Second jail term for major tax scam
- Welcome surprise for owners of forgotten money
- End-of-year tax date fast approaching
- Time running out for student loan amnesty
Corporate Affairs
Inland Revenue
To make a media query:
Phone 04 890 1698 or email mediaqueries@ird.govt.nz
Please note, the email address is only for enquiries from the news media. It is monitored during normal business hours 8am - 5pm Monday to Friday.
P O Box 2198
Wellington 6140
New Zealand
Date published: 29 Sep 2008
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