Summary of IRD rates

USE-OF-MONEY INTEREST- the rates on underpaid and overpaid tax rose on 8 May 2015. The interest rate charged on underpaid tax went from 8.40% to 9.21%, and the rate for overpaid tax rose from 1.75% to 2.63%. This movement aims to align the rates with the market interest rates and were last updated in May 2012.

ACC EARNERS LEVY RATE - the ACC earners levy rate for the 31 March 2016 year is 1.45%, the same rate as last year. For employees, the maximum earnings on which the levy is payable is $120,070.

FBT RATE FOR LOW INTEREST LOANS - the last notified prescribed rate of interest used to calculate fringe benefit tax on low-interest employment-related loans was 6.70% for the period 1 October 2014 to 31 December 2014. This was up from the previous rate of 6.13%.

PERSONAL MARGINAL TAX RATES - no changes are proposed to the income tax rates for individuals for the 2016 tax year. The lowest marginal tax rate is 10.5% for taxable income up to $14,000, then 17.5% up to $48,000, 30% to $70,000 and the top rate is 33% on income over $70,000.

Featured Posts
Search By Tags

Lowthers Chartered Accountants offer professional accounting and taxation services, business advice in Auckland, Tauranga and Christchurch. 



Level 10, The Dorchester Building,

34 Shortland Street, Auckland 1010


PO Box 1963, Shortland Street, Auckland, 1140


T: 09 921 0232

F: 09 921 0233




Level 1, 89 Grey Street, Tauranga 3110


PO Box 9422, Greerton, Tauranga 3142


T: 07 928 4818

F: 07 928 4820




52C Mandeville Street, Riccarton, Christchurch

PO Box 29394 Riccarton, Christchurch, 8440


T: 03 943 2232




CALL US TOLL FREE:  0800 43 43 33  

(Auckland and Tauranga only)

© 2016 Lowthers Chartered Accountants Ltd. Designed and developed by Yanina Mashkina Design Ltd