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Thread ID: 76556	2007-02-05 00:04:00	goverment's resident withholding tax	lance4k (4644)	PC World Chat

Post ID	Timestamp	Content	User
522746	2007-02-05 00:04:00	what is the goverment's resident withholding tax? I have to tick a box LOW or HIGH tax rate and it says if i don't tick anything they'll use the higher rate. does this just mean if i'm a citizen of new zealand i can tick LOW tax rate?	lance4k (4644)
522747	2007-02-05 01:26:00	Are you talking about a form from your bank? If so, and the bank know your IRD number, they can tax your hard-earned interest at a lower rate - if they don't know it - they tax at a higher rate. And Michael Cullen wonders why people buy up houses as tax-free investments!	decibel (11645)
522748	2007-02-05 02:18:00	what is the goverment's resident withholding tax? I have to tick a box LOW or HIGH tax rate and it says if i don't tick anything they'll use the higher rate. does this just mean if i'm a citizen of new zealand i can tick LOW tax rate? RWT is deducted by the bank/finance company or whoever pays you the interest, at source, i.e., BEFORE you get your greedy hands on it and spend the lot then run off to OZ owing lots of dosh to the Minister of "TAXTHEB......S TOTHELIMIT." You can request the payer to deduct tax at a rate lesser than the maximum which is 39%, but only if you have supplied the payer with your IRD number. If you choose a lesser rate (between 19.5% and39%) and your actual rate should have been higher ( depending on your total income for the year), then you will get a bill from the aforementioned Minister. :stare: .... it never ceases to amaze me, the c..p that's stored in my brain!	brig (1359)
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