From January 2020, the proposed personal tax exemption threshold for individuals will be increased from $15,080 to $30,080. This means that individuals – both employees and self employed – will not pay tax on the first $30,080.00 they earn.
For any income earnt over $30,080.00 the rates of tax remain the same as set out below:
$1 - $15000 11%
$15001-$30000 $1650 + 23% of excess
$30 001 -$60000 $5100 + 35% of excess
$60 000 and over $15600 +40% of excess
If you want to find out more about these changes please click on the relevant link below
Employers will need to use new tax tables from 1 January 2012. Inland Revenue can supply you these tables in paper or electronic form or they can also be accessed from this website.
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