Different types of taxes in New Zealand

Confused by all of the different types of taxes in New Zealand?

New Zealand has a diverse tax system to support its economy and public services. The main types of taxes include Income Tax, which individuals and businesses pay on their earnings, and Goods and Services Tax (GST), a value-added tax applied to most goods and services and there's also Property-related taxes.

Hopefully this will give you an overview!

Income Taxes: 

Different types of taxes in New Zealand differ depending on your structure 

Company 

Flat rate of 28% 

Sole trader – From 31^st July 2024 

•    Up to $15,600 – 10.5% 

•    $15,601 and up to $53,500 – 17.5% 

•    $53,501 - $78,100 – 30.0% 

•    $78,101 and up to $180,000 – 33.0% 

•    Remaining income over $180k – 39% 

 Trusts 

• Flat rate 39% From 1^st April 2024.  

• Applicable to trusts with a net income above $10,000  

• 33% Trust tax rate for trusts with a net income of $10,000 or below. 

PAYE:  

• For employers with different rates for employees as above 

• Paid on the 20^th of each month 

• Kiwisaver to consider for both employer and employee 

GST 

• Flat tax rate of 15% 

• Automatic enrollment when your business turns $60k or more 

If you need further assistance or have any questions about the different types of taxes in New Zealand, feel free to contact us. Our team is here to help you navigate the complexities of the tax system and ensure you stay compliant with all regulations. Whether you need advice on income tax, GST, property taxes, or any other tax-related matters, we are ready to provide you with expert guidance. Contact us today to get personalised support and make tax management easier for you.

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