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In 2020, Inland Revenue delivered a change to the revenue system for individuals where every taxpayer account for income tax, Working for Families, KiwiSaver, student loans and the end-to-end processing of PAYE moved into Inland Revenue’s new tax and revenue technology system. The department administers the following social support programmes:
PAYE is deducted by employers from employees' salary or wages in New Zealand, and paid to the Inland Revenue Department (IRD) on their behalf. It includes income tax and ACC earners' levy. PAYE is calculated by employers based on tax codes provided by the employee and tables provided by the IRD.
This system, known as pay-as-you-earn, or PAYE, was introduced in 1958, prior to which employees paid tax annually. In addition, entities who intend to make payments of interest , royalties , dividends or Maori authority distributions to a person must withhold a specified amount of income tax prior to making the payment.
Tax pooling allows New Zealand taxpayers to pool their provisional tax payments together in an account held by a registered tax pooling intermediary at Inland Revenue (IRD) so that underpayments by some can be offset by overpayments of others. Taxpayers receive/pay an interest rate that is higher/lower than IRD's rates if they overpay/underpay ...
The New Zealand Taxpayers' Union is a taxpayer pressure group founded in 2013 to scrutinise government spending, publicise government waste, and promote an efficient tax system. [1] The Union was founded among conservative figures, and is often regarded as a right-wing pressure group. [2] [3] [4] The group has also been accused of astroturfing. [5]
GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. [1] It normally makes up around 30% of tax revenue in New Zealand. [2] The rate for GST, effective since 1 October 2010 is 15%. [3] This 15% tax is ...
Novopay is a web-based payroll system for state and state integrated schools in New Zealand, processing the pay of 110,000 teaching and support staff at 2,457 schools. [1] It was purchased by the New Zealand Ministry of Education for $182 million over ten years, and was implemented in August 2012 after seven years of planning and development by ...
Baillie also claimed that the fair pay agreements system was unnecessary since employees' pay and conditions had improved substantially following the introduction of the employment contracts agreement system in 1991. McClay claimed that the FPA system would hurt the New Zealand and impede recovery following the COVID-19 pandemic. [10]