Following on from my previous post on how to calculate Australian income tax in Excel, I’ve adapted the same idea to the NZ context.
Tax on primary income for NZ Financial Year ending 31/3/2021 is:
=SUMPRODUCT(--(C6>={1;14000;48000;70000}),(C6-{0;14001;48001;70001}),{0.105;0.07;0.125;0.03})
Where cell C6 = Taxable Income
The NZ Financial Year ending 31/3/2022 has an additional top marginal threshold starting at $180,000 NZD.
=SUMPRODUCT(--(D6>={1;14000;48000;70000;180000}),(D6-{0;14001;48001;70001;180001}),{0.105;0.07;0.125;0.03;0.06})
Where D6 = Taxable Income
Note: Again, this ignores secondary income and other complications which would be better to do as an additional step.
Download the example spreadsheet https://drive.google.com/file/d/1b1DvHS7tIkivXPnjZ_ZCNZSM-3UGQXpj/view?usp=sharing ← New Zeland
For Australia please see the previous post, or jsut download the example spreadsheet https://drive.google.com/file/d/1bvaRrSjLqhJKjyg5t5kE19x1-y8-OBCm/view?usp=sharing ← Australia