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  1. #2421
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    Quote Originally Posted by Balance View Post
    You sound like the proverbial frog in the pot - water is getting warmer as the heat increases from the fire and you are feeling just great!

    If telling the truth is whining, then you must have the 'Ignorance is bliss' mindset then!

    A policeman's tale after migrating to Australia:

    “It’s as simple as this – I can’t make ends meet here. I’ve been in the police force for nine years, and I’m essentially being paid the same as I will at the end of my first year in Australia."

    Swanepoel has a simple message for those considering following his lead: “Do it”.

    “If it’s right for you and your family, do it. It’s infinitely better. Life is brilliant."
    Because I'm happy and you're a sad sack I must be ignorant! 🤣
    Get a grip man, you are losing the plot.

  2. #2422
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    Quote Originally Posted by Daytr View Post
    Because I'm happy and you're a sad sack I must be ignorant! ��
    Get a grip man, you are losing the plot.
    I am one happy chap - as you would really be if you have a tropical second home by the beach.

    The truth hurts huh?

  3. #2423
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    Quote Originally Posted by Panda-NZ- View Post
    Taxes on cash interest is pretty brutal.. this is coming from a social democrat influenced poster.

    Earn $70,001 and sorry it's a flat 28-33% tax on all of your term deposits (so is worse than paye).

    I suppose it does encourage more active investments.

    Kiwibank might be happy to bring back some recycled Green Kiwi Money Boxes for those who don't like it

  4. #2424
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    Quote Originally Posted by Daytr View Post
    Isn't it the same as any income tax?
    No, on every dollar below 70k you get taxed less. This applies to those on 300k too (they still only pay 10.5% on the first 14k).

  5. #2425
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    Quote Originally Posted by Panda-NZ- View Post
    No, on every dollar below 70k you get taxed less. This applies to those on 300k too (they still only pay 10.5% on the first 14k).
    I don’t think you are right. You choose your RWT and that’s what your bank pays on your behalf to IRD. At the end of the tax year, it gets squared of and you get a bill or a refund . This from IRD website:

    “interest payments from a savings account or term deposit to an individual are taxed at an RWT rate that you choose, depending on your income. If you do not choose a rate, then the default rate of 33% applies.”

  6. #2426
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    The key phrase there is depending on your income:

    https://www.ird.govt.nz/income-tax/w...t-rwt-tax-rate

    It must match your top income tax rate for an individual (possibly excl the new 39% rate).
    Last edited by Panda-NZ-; 08-04-2024 at 04:01 AM.

  7. #2427
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    Quote Originally Posted by Balance View Post
    I am one happy chap - as you would really be if you have a tropical second home by the beach.

    The truth hurts huh?
    So no one is happy unless they have a tropical second home. 🤣🤣🤣

    What a dick comment.
    Talk about compensating.
    Compensating for what though I wonder?

    You really are small potatoes.
    I hope for your own sake that you do uncover the recipe for happiness and its not about how much you own.

    Anyway we are miles of topic.
    I'll let you get on with your continual moaning.

  8. #2428
    Senior Member
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    Auckland, , New Zealand.
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    Quote Originally Posted by iceman View Post
    I don’t think you are right. You choose your RWT and that’s what your bank pays on your behalf to IRD. At the end of the tax year, it gets squared of and you get a bill or a refund . This from IRD website:

    “interest payments from a savings account or term deposit to an individual are taxed at an RWT rate that you choose, depending on your income. If you do not choose a rate, then the default rate of 33% applies.”
    I thought my bank has said if no rate loaded taxed at 45% - ouch!

  9. #2429
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    Aug 2012
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    Quote Originally Posted by Balance View Post
    I am one happy chap - as you would really be if you have a tropical second home by the beach.

    The truth hurts huh?
    On my gauge of happiness, I am afraid all aspects of that would not be factors. However congratulations to you for your achievement of happiness. I am curious though, did you earn any of your wealth in the country where your second beach home is located?
    Last edited by Bjauck; 08-04-2024 at 09:01 AM.

  10. #2430
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    Quote Originally Posted by Jay View Post
    I thought my bank has said if no rate loaded taxed at 45% - ouch!
    I think it is 33%. However it may be 45% if no IRD number is provided. I think 28% PIR is the maximum if it is a term Pie fund.

    https://www.ird.govt.nz/income-tax/w...%25%20applies.
    Last edited by Bjauck; 08-04-2024 at 08:57 AM.

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