To change your tax code, you must complete an IR330 tax code return form. The form provides information that will help you determine the appropriate tax code for your situation. Follow the steps on the IR website to download, print and complete the form. Give your form to your employer or to Work and Income.
To change your custom tax code to a standard tax code, you must complete the “Change Tax Code” form. Tell us right away if the Inland Revenue tax code has changed, as this may affect the amount you receive for your student subsidy. Be sure to consult this flowchart or use the “Tax Code Finder” on the IRD website if you think you have an unusual case of being taxable in New Zealand. If you don't fill out this form with the correct IRD number and tax code, you could end up charging much more taxes than necessary.
There are a few other tax code options for specific occupations in New Zealand, which may apply to people who work on vacation, especially if they work in agriculture for a salary. Since a tourist working on vacation isn't likely to have a student loan in New Zealand, these are the likely secondary income tax codes. If you have a custom tax code, you must renew it with Inland Revenue at the end of each financial year. If the IR 330 form is for a job that is not your main source of income, you must provide a secondary income tax code.
When it's time to renew your custom tax code, Inland Revenue will send you a letter through MyIR and you can complete the online form. Tax codes are lettered codes that you must include on the Department of Internal Revenue (IRD) tax code (IR 330) return form, which your employer must give you when you start a new job. Talking about taxes is never a fascinating topic, but one piece of information that is really worth knowing is using the right tax code for salaried work in New Zealand. If you don't renew your custom tax code, you'll need to change it to a standard tax code and let us know.
For now, we'll look at the tax codes that most apply to people who work on vacation in New Zealand. We'll look at the main tax codes that normally apply to people who work, are on vacation or who travel with a backpack in New Zealand. If you don't renew or change your custom tax code before the end of the financial year, your tax rate will default to 45% on April 1.