Created
September 27, 2013 04:53
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Excel formula for calculating NZ tax paid on annual income.
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| =IF(B2<=14000,SUM(B2*10.5%),IF(B2<=48000,SUM(B2-14000)*17.5%+1470,IF(B2<=70000,SUM(B2-48000)*30%+7420,IF(B2>=70001,SUM(B2-70000)*33%+14020)))) |
Can the LAMDA formula be converted for monthly tax? @spmp @LightspeedNZ
Removed as thresholds are incorrect and will make result inaccurate.
I found the above formula for Google sheets wasn't correct. I've created custom functions for calculating FY25 and FY26 nz income tax in google sheets and published it on this gist: https://gist.github.com/benjamin-brady/e0b8f8737aa935e5b4d823369b7c0c31
Lambda function for FY25 blended rates:
=LAMBDA(x,SUMPRODUCT((x>{0,14000,15600,48000,53500,70000,78100,180000})*(x-{0,14000,15600,48000,53500,70000,78100,180000}),{0.105,0.0232,0.0468,0.0414,0.0836,0.0099,0.0201,0.06}))(A1)
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Just to add that most PAYE calculators online are incorrectly using the formula for 1st April 2025 already. If you are calculating PAYE or total tax you may need to include the ACC Earners Levy of $2,276.53 pa.