Hello,
Can anyone shed light on the taxation system in NZ?
For example, a family of 3 children with a sole income earner of say, $84,000 per annum ($7000/month) - just to make calculation simpler.
From what I understand is that taxation rate is at 33% and with children, there would be some tax credits? How much would that sum up?
So, what will be the net income every month? Is the tax deducted monthly or yearly? Also, other than income tax, are there any other deductions from gross income?
Thanks in advance.