IRD Update – RWT

New RWT Rate Available

From 1 April 2021 a new top tax rate of 39% was introduced for individuals who earn over $180,000 in a year.

Now that the 1 October implementation date has passed, if you earn over $180,000 you need to update your  RWT deduction rate with your bank or other interest income provider.

Most banks enable customers to self-select the appropriate rate through their online banking portal, so you should check that option first before contacting your bank.

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