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Income Tax Act 2007

General collection rules - Withholding tax on retirement scheme contributions - Calculating amounts of tax

RH 5: Calculating amounts of tax for retirement scheme contribution

You could also call this:

“How to work out the tax on your retirement scheme contribution”

When you make a retirement scheme contribution, you need to pay some tax on it. To find out how much tax you need to pay, you can look at schedule 1, part D, clause 7 of the Income Tax Act 2007. This part of the law tells you the basic tax rates for different things, including retirement scheme contributions. The amount of tax you need to pay is decided by what’s written in that part of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1690724.

Topics:
Money and consumer rights > Taxes
Money and consumer rights > Savings and retirement
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“Who can contribute to your retirement scheme”

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RH 6: Calculating amounts of tax on failure to withhold, or

“How to calculate tax owed when retirement scheme contributions are undertaxed”

Part R General collection rules
Withholding tax on retirement scheme contributions: Calculating amounts of tax

RH 5Calculating amounts of tax for retirement scheme contribution

  1. The amount of tax for a retirement scheme contribution is the amount determined under schedule 1, part D, clause 7 (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits).

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Notes
  • Section RH 5: inserted, on , by section 545 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).