The following outlines the legislated tax changes for the 2022-23 New Zealand tax year that may have an affect on payments made to payees in FastTrack360. The changes will be incorporated into the tax rates for the 2022-23 financial year.
| Info |
|---|
For the 2022-23 financial year, FastTrack will inject the tax period information directly into your system and therefore you will not be required to manually download tax rates for the 2022-23 financial year via Tax Period Maintenance in FastTrack360. The tax period information will be available after your system has been upgraded to FastTrack360 V12 (exact date to be confirmed). |
ACC Earner Levy Increase
As of 1 April 2022 the ACC earner levy is increasing as shown in the table below:
Variable | Previous Value | New Value |
Rate | 1.39% ($1.39 per $100 of liable earnings) | 1.46% ($1.46 per $100 of liable earnings) |
Maximum Liable Earnings (per annum) | $130,911 | $136,544 |
Maximum Levy Payable (per annum) | $20,280 | $21,268 |
New Student Loan Thresholds
As of 1 April 2022 the student loan repayment threshold increases from $20,280 to $21,268. This breaks down as follows based on pay frequency:
Pay Frequency | Previous Threshold | New Threshold |
Weekly | $390 | $409 |
Fortnightly | $780 | $818 |
Monthly | $1,690 | $1,772.33 |