P.A.Y.E. TAX RATES
Casual Workers’ Payments
(New Zealand Press Association) WELLINGTON, December 29. The rate of Pay-As-You-Earn tax deductions from payments such as shearing or directors’ fees are set out in regulations gazetted last week. These deductions are to be made by the paying authority from April 1 next when the P.A.Y.E. income tax legislation comes into force. Under the Income Tax Assessment Act passed last session, tax deductions are to be made from income defined as “source deduction payments.” These include salary or wages, extra emoluments (e.g., bonus payments) and withholding payments. The new regulations define withholding payments, and accompanying schedules set out the tax deductions to be made. Examples of the new taxation rates are:— Commissions to insurance agents or salesmen, 2s in the £; company directors’ fees, ss; remuneration from professional sporting events (including motor racing, but not horse racing or trotting), 2s; jockeys’ or drivers* fees, 2s (apprentices, Is 6d). Shearing payments, 2s 6d; payments for agricultural work, 2s. ' Honoraria including payments to mayors of cities and boroughs, and to chairmen and members of councils, boards,' committees, and other bodies, and to officials of societies, clubs, and other organisations, Is 6d. Fees for contributions to newspapers, magazines and similar publications, and for radio, television, and theatrical productions, is 6d. Jurors* and witnesses’ fees rate of tax deduction Is 6d. Payments for opossum skins or whitebait. Is 6d. The regulations provide that any payment made after April 1 next which is income derived before that day shall not be a withholding payment Also excluded from the definition of a withholding payment is any payment made for work done or services given by any public authority, local authority, Maori authority, or company.
The Commissioner of Inland Revenue may also, at his discretion, issue any person with a certificate exempting payments to that person from the definition of withholding payments.
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Bibliographic details
Press, Volume XCVI, Issue 28472, 30 December 1957, Page 12
Word Count
310P.A.Y.E. TAX RATES Press, Volume XCVI, Issue 28472, 30 December 1957, Page 12
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