Will I have to pay tax on savings?
Withholding tax
In line with New Zealand tax law, we'll deduct Resident Withholding Tax (RWT) on the gross interest earned on your savings. We’ll deduct this before the interest is paid to your account.
Your RWT rate depends on your entity type (e.g. company, sole trader) and your income tax rate. If the RWT rate you choose doesn't match your income tax rate, you may receive an end-of-year tax bill.
What happens if I don't select an RWT rate?
We’ll apply the applicable default RWT rate based on your entity type (e.g. company, sole trader). You can view and update the RWT rate anytime in the ‘Savings’ tab of your Revolut Business app.