Page 39 Advertisements Column 2

Press, 13 March 1985, Page 39

NATIONAL SUPERANNUITANTS How the Income Tax Surcharge may affect you and how we can help. As from April Ist, 1985, some COMMENCING 1 APRIL 1985. National Superannuitants will be liable WILL I BE LIABLE FOR THE for a tax surcharge on a proportion of SURCHARGE? To help you find out whether you are Surcharge will not a PPIy to liable for the new Surcharge a brief ot^er taxable income derived before explanation of the new tax is included Y our starting date for National below. Superannuation. In addition, a handy reference guide The Surcharge will however apply detailing the assistance available to to other taxable income derived after National Superannuitants from the your starting date but you will stih be Inland Revenue Department has been entitled to a proportion of your annual included for you to cut out and keep. exem phons. If you need any further information If you think you may be liable for the or know of anyone who may need the Surcharge, you should get in touch Department’s assistance, please do not *■ RHHM| fIHH with your local Inland Revenue Office hesitate to contact your local Inland !■ at the same time as you apply for Revenue Office. |l National Superannuation. WHAT IS THE SURCHARGE? *1 I WHAT IS THE MAXIMUM I ■ | 1 F_l AMOUNT OF THE SURCHARGE? It is a special income tax of 25% ■■ !■■■( . payable by National Superannuitants , You cannot pay more Surcharge than who, in addition to their National t^ie net . amount °f National Superannuation, receive‘other taxable Superannuation you receive. income’ above a certain limit. I fl[oll Jl?iWi j |fl |"W uiemis the amount of your Examples of ‘other taxable income’ JMJJJJHMBBJBM| National Superannuation after include Pensions and Superannuation deducting income tax calculated on an from employment, Wages, annual Interest and/or Dividends in excess j RECEIVE A SOCIAL $2OO a year, Rents and Business SECURITY/NATIONAL . Ri -INSURANCE PENSION FROM Note: Other taxable income does not include savings but does include owuvvi ttona t 15 IOFFhU interest on savings. UP " * NATIONAL * „ v superannuation.doi have HOW MUCH OTHER TAXABLE ■— TO PAY THE SURCHARGE? INCOME’ CAN I HAVE BEFORE THE SURCHARGE STARTS TO Yes ’ 5 y 2 u have ‘ othe, \ APPTV? income and it is more than the exemption allowable. For the coming tax year (1 April ’B5 A more detailed explanation of the to 31 March ’B6), the allowances are as HHHB 11 HUH special provisions relating to overseas follows. pensions is included in the Inland SINGLE SUPERANNUITANTS. If Revenue Department’s pamphlet. you are on the single rate of National , Ml N SOIIJ ?1 1? M MSW ■ Superannuation you can have $6,240 JBMMMiiKHaMiM W IOK MORE INFORMATION, ‘other taxable income’ before the — Much of the information contained Surcharge starts to apply. hnndv nofpi’pnrp <* ijHp tn rut nut Anri kppn in this advertisement has been taken married couples, if you are A handy reference guide to cut out ana Keep. from the pamphlet Income Tax married and are both receiving Surcharge on National Superannuitants’. National Superannuation, you can WHAT DO I DO IF I AM NOT LIABLE Copies are currently being sent to all those each have $5,200 other taxable income FOR THE SURCHARGE? people who requested the ■■ pamphlet before the Surcharge starts to apply. * following our November newsletter. Moreover if one spouse’s ‘other taxable y O u do not need to do anything except fill if you have not yet applied for a copy, income’ is less than the $5,200 exemption for j n your tax forms in the normal way. please fill in and send off the coupon below, the year the other spouse may use the unused Finally, should you have any queries about balance. WHAT DO IDOIF I AM LIABLE t h e Surcharge please do not hesitate to If you are married and receive the single FOR THE SURCHARGE? contact your local Inland Revenue Office rate of National Superannuation (i e. Information on the payment of the who will be happy to assist you. your spouse is not eligible) you can have Sl . rcharße can be fr , lln< i in the Inlanc i $6,240 ‘other taxable income’ before the Depart^ J, s entitled Moreover, if your spouse’s taxable income superannuitants’ SurCharge ° n Natlonal J" please send me a copy of Income Tax for the tax year is less than $4,160, you are should you require further information, ! Surcharge on National Superannuitants’, entitled to an additional exemption of the , \ 1 . , T , . ... ’ I ti difference between your spouse’s taxable P'f ase c ® ntact „ y ° u f, local , lnJand , Revenue | Name I income and $4,160. Office who will be happy to assist you. J Address | This will give all married couples a j WILL START TO RECEIVE ■ g total exemption of up NATIONAL SUPERANNUATION j | !htto year 7 AprU r"fTn DURING THE TAX YEAR - | POST TO: Inland Revenue Department, B ’ [EH INLAND REVENUE L._ J .TOT IRDPIOOI