1 April 2013
Working for Families
The net income level guaranteed by the minimum family tax credit will rise from $22,568 to $22,724.
The government announced that the 2013/2014 levy rates will remain at their current levels. However they have introduced three new initiatives:
- Extended Workplace Safety Discounts
- Vehicle Classification System
- Fleet Safety Incentive Programme
We will be following up on these changes in future, but in the meantime, visit the following website for more information:
The minimum contribution rate for employers and employees will rise to 3% from 1 April 2013.
Primary and Secondary School Children
From 1 April 2013 PAYE must be deducted from payments of salary/wages or schedular payments to school children.
Student loan changes
The repayment rate for student loan deductions increases from 10 to 12 cents per dollar earned over the current threshold of $19,084 per annum.
Tax relief and income assistance is available to people affected by extreme weather, eg droughts. The IRD has a range of measures to help depending on your personal circumstances and the particular event.
We understand that tax isn't the first thing on your mind. But please contact us with any concerns or questions about tax or income levels, so we can make arrangements with the IRD to help.
Income equalisation scheme
Farmers who have money deposited in this scheme may be able to make an early withdrawal, or deposit funds from forced sale of livestock.
Late election of provisional tax estimates
You may be able to make a late estimate or re-estimate of provisional tax, if your circumstances have changed due to extreme weather. Let the team at Craig Periam Limited help re-estimate your provisional tax. We can arrange early refunds if provisional tax has been overpaid.