Our Christmas office closure and Provisional tax reminder

By on 20th December 2021

We would like to wish our clients and their families a very happy Christmas, we look forward to working with you all in 2022.  Stay safe. 

Office closure details

Our office will be closed as follows:

     Last working day:  Wednesday 22 December 2021

     Return to office:     Thursday 13 January 2022

Our Upper Hutt office will reopen in February. 

If you have any urgent requirements please contact our Practice Manager, Kaye Francis 027 466 9405.

Provisional tax payment – due 15 January 2022 (payable Monday 17 January 2022)

Provisional tax is due 15 January 2022 (payable Monday 17 January 2022), if you pay three times a year, please mark your calendar.  Note: this does not apply if you pay twice a year with your 6-monthly GST.

We will be in touch before our Christmas closure with details of your Provisional Tax payment (if applicable).  A reminder will be sent to all provisional tax payers on 13 January 2022.

New top tax rate – 39%

From 1 April 2021, a new top tax rate of 39% was introduced for individuals who earn over $180,000 a year.

If you earn over $180,000 a year, the 39% deduction rate also needs to be applied to any interest you earn from New Zealand bank accounts and investments.

Interest payers did not need to make the 39% RWT deduction rate available for customers until 1 October 2021.  So you could find that the tax has been deducted at a lower rate for at least the first six months of the 2021-2022 tax year.  This may result in a year-end tax liability, as RWT would have been under-deducted from your interest income from 1 April 2021 up until the date you change the rate.

Update your RWT rate with your interest payer

We recommend you switch to the 39% RWT rate as soon as possible.  You should be able to select this rate in your online banking.  If not, you’ll need to contact your bank or other interest payer to get it updated.

Inland Revenue cannot update the RWT deduction rate for you.  You need to do this directly with your investment provider.

Please do not hesitate to contact us if you have any questions.

Call us on 04 4771801 or contact us today