Country Tax Update: New Zealand
There has been a small increase in the maximum contribution to the Accident Compensation Levy. The net effect is a small increase in tax for higher incomes. To simplify and modernize New Zealand’s tax administration, effective April 1, 2019, employers are required to file “employee income information” every pay cycle.
Previously, non-resident and resident individuals deriving income without tax withheld at source were required to make a self-assessment of their New Zealand tax liability.
U.S. Residual Tax and the Impact on Global Mobility Programs [Download]
What is the net effect of these tax changes?
Under the change, the Inland Revenue will prepare and issue pre-populated accounts to individuals based on income reported to the Inland Revenue by a third party, such as employment income. Inland Revenue will then finalize an individual’s account and make an assessment for the tax year.
The information required to be electronically transmitted will affect nearly all employers, and the change in reporting requirements is particularly important for those with employee share schemes and those running shadow payrolls.
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AIRINC's Data Points: Your Global Mobility News
Want to learn more? The above excerpt is taken from Data Points, AIRINC's quarterly newsletter. Data Points brings you the latest updates from our Housing, Goods & Services, and Tax departments based on our expert international surveys, which are conducted by our global data collection team on-location.
This quarter's cost-of-living surveys were conducted primarily in Europe, Asia, and mainland Southeast Asia. Click below to see more results from our recent surveys:
Our 2019 Mobility Outlook Survey confirms that 58% of firms are seeking ways to improve employee communications regarding the potential financial impacts of assignments/transfers.
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