Tax change information

1 April 2011 Tax Rate Changes

Tax rates for businesses in New Zealand will change at the start of the new tax year, on 1 April 2011. We will automatically apply the new rates to RaboDirect business customers on this date. The tax rates for all other customers, including those with personal and trust accounts, will remain the same. These customers will, however, still need to confirm their tax rate for the next tax year, even though there is no change to their rate.

How this will affect RaboDirect customers

We will be making the rate changes on 1 April after all processing is finished for March at the old rates. This is likely to be toward the end of the first business day of April. The first time customers log on to the RaboDirect secure banking site after these changes have been made, the new rates will be displayed. They will then be asked to confirm or update their rates and authorise them using their Digipass.

For more information, you can visit the IRD Website where you can find more information on the new tax rates.

1 October 2010 Tax Rate Changes

Tax rates in New Zealand changed on 1 October 2010. This included tax that is deducted from interest earned on savings (Resident Withholding Tax) and investments (Prescribed Investor Rates). We automatically applied the new rates to RaboDirect customers on this date. They were asked to confirm or update their rates and authorise them using their Digipass.