2024 – 2025 TAX Table updates 01 April 2024
Changes for the 01 April 2024 - 31 March 2025 Tax Year
iPayroll has also been updated with changes to Personal Tax Rates that take effect on 31 July 2024. Any payment made on or after 31 July will be calculated using the new rates.
iPayroll has been updated with the new 2024-2025 tax tables and these changes will be applied automatically to pay dates after 01 April 2024. You don't need to do anything.
ACC Earner levy has increased. The ACC Earner Levy rate will be 1.60% (previously 1.53%) which will affect all employees.
ACC Threshold has increased to $142,283 (previously $139,384)
Student Loan threshold has increased to $24,128 which affects employees repaying Student Loans (using Tax Codes M SL or ME SL)
ESCT (Employer Super Contribution Tax) % rates will recalculate and be applied to any pay dates after 01 April 2024.
Minimum wage, Starting out and Training pay rates change on 01 April 2024, which will affect any employee currently paid minimum wage. You will need to review and amend Pay Rates for employees. Please use Reports > HR > Staff - Pay Rates.
For more information here Personal Tax Rate changes 31 July 2024
For more information here Pay Rates - Edit an employee
For more information here Employment New Zealand - current minimum wage rates
Use the Timesheet Entry > Compare Payslips or Calculations to review the changes for an employee
ACC Earner levy
The ACC Earner Levy rate has increased to 1.60% which will change the PAYE deduction, so the Take Home Pay is reduced slightly.
Student Loan Threshold
The student loan repayment threshold has been increased from $22,828 to $24,128 which will change the SL deduction, so the Take Home Pay is increased slightly. The threshold is the amount of money anyone can earn BEFORE Student Loan is deducted.
- Weekly earnings excluded from Student Loan is now $464
- Fortnightly earnings excluded from Student Loan is now $928
- Monthly earnings excluded from Student Loan is now $2010.66
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