Resident Withholding Tax (RWT)
RWT rates at a glance
The tables below outline the current rates for individuals and companies.
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| INDIVIDUALS |
Income Thresholds |
Current Personal RWT Rates from 1 April 2010 |
New Personal RWT Rates from 1 October 2010 |
$0 - $14,000 |
12.5% |
10.5% |
$14,001 - $48,000 |
21% |
17.5% |
$48,001 - $70,000 |
33% |
30% |
More than $70,000 |
38% |
33% |
Default rate if no IRD number provided |
38% |
33% |
Certificate of exemption is provided |
0% |
0% |
| COMPANIES |
Criteria |
Current Company RWT Rates from 1 April 2010 |
Current Company RWT Rates from 1 October 2010 |
Current Company RWT Rates from 1 April 2011 |
Elect 30% (28% from 2012 income tax year) |
30% |
30% |
28% |
Default rate if no IRD number provided |
38% |
33% |
33% |
Exemptions |
0% |
0% |
0% |
Please contact us if:
- You know that your current RWT rate is not the correct rate for you and you wish to advise the correct rate.
If you are unsure we recommend you contact your tax professional for advice.
Please refer to the following Inland Revenue Department site click here for further information.
What you need to tell us
- Your account number
- Your IRD number. Please contact the IRD on 0800 377 774 if you do not know your number
- Your correct RWT rate
How to update your rate
- Call SBS Bank Contact Centre on 0800 502 442
- Visit any SBS Bank branch
- Email us your new RWT rate via info@sbs.net.nz
- Write to us at SBS Bank, PO Box 835, Invercargill 9840