Slight drop in tax
(N.Z. Prett Association) WELLINGTON, March 29. A slight drop in tax scales taking effect from Thursday this week, would leave slightly more money in most people’s pay packets, said an Inland Revenue spokesman today. If a person’s income is between $2500 and $12,000 a year, the new tax rate ranges from 27.5 c to 50c in every dollar of taxable income. If the weekly wage is $6O, the weekly deductions will fall from $12.61 to $12.43 for single taxpayers, or from $10.69 to $10.65 for married persons. If the wage is $lOO a week, the weekly deductions will fall from $29.30 to $28.75 (single) or from $26.80 to $26.36 (married). If income is $2OOO to $2500 a year, the rate is 27.5 c for every dollar of taxable income. For $l7OO to $2OOO it is 24.5 c, for $650 to $l7OO it is 21c and for $560 a year 7.85 c in the dollar. The 10 per cent temporary surcharge on income tax, in force since December, is incorporated in the new rates.
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Bibliographic details
Press, Volume CXI, Issue 32568, 30 March 1971, Page 2
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177Slight drop in tax Press, Volume CXI, Issue 32568, 30 March 1971, Page 2
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