Confirmation of annual income tax rates for 2004-05
The income tax rates for the 2004-05 income year.
Schedule 1, Income Tax Act 1994
The income tax rates for the 2004-05 income year have been confirmed 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 contribution | 39 cents for every $1 of the withholding tax |
Where the employer has made an election under section 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 dollar of contribution |
The income tax rates confirmed are those that applied for 2003-04, with the following exceptions:
- a new rate for the income of Maori authorities;
- there is no longer a rate for undistributed rents, royalties and interest of the Maori Trustee; and
- new rates for specified superannuation contributions where the employer has made an election under section NE 2AB of the Income Tax Act 1994.
The rates apply for the 2004-05 income year.