Originally published 21 July 2020. Rules, rates and thresholds may have changed since; talk to a partner before acting on it.
According to recent data released by OECD (includes up to 2018 provisional data), New Zealand:
- Ranks below the OECD average for total taxes levied as a % of GDP, but is higher than Australia, Japan and USA. But note that New Zealand is:
- Fourth highest in OECD for personal tax as a % of total labour costs (two earner family with 2 children). But, well below OECD average for personal taxes if social security contributions are counted
- Has a corporate tax rate (28%) above OECD average (23.7%)
- Is one of the highest countries in terms of company tax levied as a % of total tax revenue – Australia is higher than New Zealand
- Is one of the highest countries in terms of GST (and other consumption taxes) levied as a % of total tax revenue (yet has a relatively low GST rate)
General information, not advice on your situation. Talk to a partner before acting on it.
