Updated: February 2024
There are three legislative changes directly affecting payroll for the 24/25 financial year. They fall into place on 1st April 2024, and are:
- Minimum wage increase
- Adult minimum wage will increase by 2% from $22.70 to $23.15 per hour
- Starting out and training minimum wage will remain at 80% of adult minimum wage, increasing from $18.16 to $18.52 per hour
- ACC Earners Levy increase
- ACC Earners Levy rate will increase to 1.60% incl. GST from $1.53 to $1.60 per $100
- Maximum annual threshold for liable earnings will increase from $139,384 to $142,283
- Student loan threshold increase
- From $22,828 to $24,128, which translates to $464 per week.
The Thankyou Payroll system will automatically update to reflect ACC Earners Levy and Student Loan threshold increases.
As an employer, it's important that you keep your employees informed about any differences they may notice in their paychecks as a result of these changes.
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Adapting to wage thresholds is the employer's responsibility.
You might need to change the pay rate during a pay period.
Our help article will show you how to do this easily.
Links to further information:
Follow these links to find out more information on the increases listed above:
- Minimum wage increase - Beehive
- ACC Earners Levy - Inland Revenue
- Student Loan Threshold - Inland Revenue
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