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.
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 |