Boilermakers given tax relief
PA Wellington Former boilermakers on the Bank of New Zealand building site in Wellington will have part of their final payout taxed at the redundancy rate of 5 per cent, giving each tax relief of about $5500. A Wellington accountant, Mr Denis Wood, who represents 32 of the former 41strong workforce, has been
told by the Inland Revenue Department that $9700 of the amount paid to each would be treated as redundancy. Mr Wood said that with the $9700 initially considered to rate a 60 per cent tax level which would have cost each of the men $5820, the department's ruling had reduced the amount of tax for that portion of the payout to $291.
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Press, 12 February 1982, Page 3
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119Boilermakers given tax relief Press, 12 February 1982, Page 3
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