Super, tax at April 1
PA Wellington The national superannuation surcharge tax will apply from April 1, says the Commissioner of Inland Revenue, Mr John Simcock. The surcharge, payable at the rate of 25 per cent, applies to national superannuitants’ extra income. It was expected to affect 100,000 of 460,000 superannuitants, Mr Simcock said yesterday. A single superannuitant can have $6240 other income
a year before the tax applies, and a married couple $5200 each, or $10,400 combined. “The proposed change does not involve income splitting for married couples as such,” Mr Simcock said. “However, it does mean that the unused exemption of one spouse may be transferred to the other.” The department would run a publicity campaign next month to help people affected by the surcharge.
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Press, 23 February 1985, Page 1
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127Super, tax at April 1 Press, 23 February 1985, Page 1
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