What's Changing for the 2023-24 Financial Year

The follow tax changes have been legislated to take effect on 1 April 2023:

• The ACC earner levy is increasing from $1.46 per $100 of liable earnings (1.46%) to $1.53 per $100 of liable earnings (1.53%). Because of that the following will apply:

  • the maximum liable earnings for ACC earner levy will increase from $136,544 to $139,384

  • the maximum ACC earner levy that can be withheld for an entire year will increase from $1,993.54 to $2,132.57.

• The student loan repayment threshold will increase from $21,268 to $22,828. This breaks down as follows per pay period:

  • an increase from $409 to $439 on a weekly pay period basis

  • an increase from $818 to $878 on a fortnightly pay period basis

  • an increase from $1,772.33 to $1,902.33 on a monthly pay period basis.

FastTrack will make updated tax rates for the 2023-24 financial year available for download via the Tax Maintenance Service from 21/03/2023.