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)))) |
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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Removed as thresholds are incorrect and will make result inaccurate.