The rate depends on how much your employee earns and how long they’ve worked for you. You do not pay ESCT if your employee asks you to deduct money from their pay to put into a superannuation scheme. These are not employer contributions. There are 2 ways to deduct ESCT: you deduct ESCT from each employer contribution.
You only pay ESCT on cash contributions to an employee’s super scheme. For KiwiSaver, this means you pay ESCT on your compulsory 3% employer contribution — and any voluntary extras — but not on the contributions deducted from your employees’ wages or salary.
39% . The ESCT Threshold is the total of the employee’s gross salary, plus any superannuation contribution paid by the employer to KiwiSaver or any other superannuation fund in the previous tax year (1 April to 31 March).
“ESCT rate threshold amount” Tax rate. $0-16 , 800. 10.5%. $16,801 – $ 57,600. 17.5%. $57,601 – $84,000. 30%. $84,001 upwards. 33%, new employer superannuation contribution tax (esct) rules from 1 april 2021 will impact you The Government has introduced a new top personal income tax rate of 39% which will apply to personal annual income that exceeds $180,000 from 1 April 2021.
ESCT – taxaccountant.kiwi.nz, ESCT – taxaccountant.kiwi.nz, Employer superannuation contribution tax (ESCT), ESCT – Tax Accountant, 5/7/2019 · ESCT Threshold Amount. ESCT Rate. $0 – $16,800. 10.5%. $16,801 – $57,600. 17.5%. $57,601 – $84,000. 30%. $84,001 and above. 33%, Deduct ESCT from each employer contribution. For each employee in each pay period you need to work out: the amount of ESCT to deduct. your net employer contribution. The easiest way is to use our PAYE/KiwiSaver deductions calculator. ESCT is calculated on.
Employer superannuation contribution tax ( ESCT ) must be deducted from all your employer contributions to KiwiSaver schemes and complying funds. This includes any voluntary contributions. Work out the ESCT rate for each employee. The rate depends on how much they earn and how long they’ve worked for you. Find the ESCT rate for each employee, 12/3/2020 · An Employer Superannuation Contribution Tax (ESCT) rate of 39% on superannuation contributions for employees whose ESCT rate threshold amount exceeds $216,000. (The ESCT rate for contributions in respect of past employees and contributions to defined benefit schemes will.
3/30/2021 · New Extra (Lump Sum) Tax Rate – The new Main Tax Rate of 39% is reflected in the Extra Lump Sum tax calculation, from $180,000. New ESCT Tax Rate – A new ESCT R=Tax Rate of 39% takes effect from $216,000. New Tax Codes – Two new Tax Codes for Very High Secondary Earnings (SA) and Very High Secondary Student Loans (SA SL) at 39%.
