Because I'm happy and you're a sad sack I must be ignorant! 🤣
Get a grip man, you are losing the plot.
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I don’t think you are right. You choose your RWT and that’s what your bank pays on your behalf to IRD. At the end of the tax year, it gets squared of and you get a bill or a refund . This from IRD website:
“interest payments from a savings account or term deposit to an individual are taxed at an RWT rate that you choose, depending on your income. If you do not choose a rate, then the default rate of 33% applies.”
The key phrase there is depending on your income:
https://www.ird.govt.nz/income-tax/w...t-rwt-tax-rate
It must match your top income tax rate for an individual (possibly excl the new 39% rate).
So no one is happy unless they have a tropical second home. 🤣🤣🤣
What a dick comment.
Talk about compensating.
Compensating for what though I wonder?
You really are small potatoes.
I hope for your own sake that you do uncover the recipe for happiness and its not about how much you own.
Anyway we are miles of topic.
I'll let you get on with your continual moaning.
I think it is 33%. However it may be 45% if no IRD number is provided. I think 28% PIR is the maximum if it is a term Pie fund.
https://www.ird.govt.nz/income-tax/w...%25%20applies.