New Zealand Tax Update

The re-elected New Zealand Labour Government has wasted no time in enacting the introduction of a new top 39% personal income tax rate, which will apply to amounts earned in excess of $180,000 from 1 April 2021.As outlined in our summary of this change, the new tax rate will also impact FBT calculations and will bring into sharper focus the use of any structures that might be perceived as being used by individuals to circumvent paying this new higher tax rate.