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New Zealand Government Amends Tax Treatment Of Redundancy Payments,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, December 11, 2007
New Zealand's government has this week introduced legislation to make the taxation
of redundancy payments fairer to people who are pushed into a higher tax bracket
when they receive the lump sum payments.
"Under current tax law, lower and middle-income people can be over-taxed
when their redundancy pay pushes them into a higher tax bracket," Finance
Minister Michael Cullen and Revenue Minister Peter Dunne explained on Tuesday.
"Redundancy payments are employment income, and it is fair that they are
taxed. However, taxing these payments at a higher rate of tax without taking
into consideration the recipient's personal tax rates before and after redundancy
has led to many cases of over-taxation. When that happens it can come at what
is already a very difficult time for most people," they continued, adding:
"To resolve the problem, and to keep complexity and compliance costs to
a minimum, the government is introducing a simple tax rebate that will apply
to redundancy payments made on or after 1 December 2006. "
The Ministers explained that: "Calculation of the rebate will be based
on the flat rate of six cents per dollar, up to $60,000 per redundancy. That
means, for example, that someone who receives a redundancy payment of $20,000
will be able to claim a $1,200 rebate. Someone who receives a $60,000 payout
can claim a rebate of $3,600."
"Because the maximum redundancy payout that qualifies for a rebate is
$60,000, the rebate itself is capped at $3,600, so someone who receives a payout
larger than $60,000 will be eligible for a $3,600 rebate."
"The process for obtaining a rebate will be straightforward. Once the
system is in place, from 1 April next year, recipients will be able to claim
a rebate immediately after receiving their redundancy payout by completing an
Inland Revenue form. Over time an automated system will be developed to reduce
compliance costs further."
"The government is pleased to have found a solution to a complex tax
problem that has been of concern to workers and unions for some time. The changes
announced today will make help to make the taxation of redundancy pay fairer
to all concerned," the Ministers concluded.
The changes are being added to the taxation bill currently before Parliament
by means of supplementary order paper No. 167, which was released on Tuesday.
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