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Here in NZ we got rid of almost ALL deductions the tax system is so simple that almost all people with one job pay exactly the right tax through employer PAYE (
by Taniwha 6y ago
Here in NZ we got rid of almost ALL deductions the tax system is so simple that almost all people with one job pay exactly the right tax through employer PAYE (as someone who runs a small company I do my PAYE with 1 line of spreadsheet formulae, it's easy).
This means most people don't need to file, if you want to it's a 1-2 page web form, and, starting last year, the IRD will do it for you anyway and directly credit your refund (with interest) to your bank account without you asking
- johntb86 6y agoWhat do you do about interest on savings accounts or capital gains on stocks?
- Taniwha 6y agoThe bank takes it out at a standard rate - when you open an account you tell them your marginal rate, if you get it wrong it's obvious to the IRD. We have no tax on capital gains (we should, it badly distorts our markets, leaves too much money in real-estate).