Personal Tax Rate changes - 31 July 2024

Personal Tax Rate changes - 31 July 2024

Personal Tax Rate changes

As part of the annual Government Budget 2024, changes to personal income tax rates  were confirmed to be effective from 31 July 2024.
iPayroll has been updated, you will not be required to do anything.
From the first payday on or after 31-Jul-2024 until 31-Mar-2025, new tax thresholds for employees on M, M SL, ME and ME SL tax codes will apply.
There are no changes to Extra pay (EP) tax or Lump sum calculations,  the annualised earnings will continue to be based  on the 1-Apr-2024 threshold amounts to determine which tax rate to apply to the extra payment. 
ECST rates have not changed.
For more information here IR Personal income threshold changes
For more information here IR Extra Pay or Lump sum payments
For more information here IR Budget 2024

Personal Income Tax Rates as at 31 July 2024

Current threshold will apply to any Extra payment (EP) or Lump Sum payments made. New threshold will apply for any wages or salary paid on or after 31 July 2024.













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