Residual Income Tax (RIT) – meaning and definition
What is Residual Income Tax (RIT)?
The final amount of tax that you have to pay to IRD at the end of the year is called residual income tax (RIT).
How to Calculate Residual Income Tax in New Zealand?
Residual income tax is based on the total amount of income tax you pay for the year minus any PAYE and other tax credits (except for Working for Families Tax Credits).
Residual Income Tax (RIT) – video guide
Sutherland Boyd, our Client Services Team Lead defines residual income tax, often referred to as RIT.