What's Changing for the 2024-25 Financial Year

The following tax changes have been legislated to take effect on 1 April 2024:

• Student loan repayment threshold is increasing from $22,828 to $24,128. This breaks down as follows per pay period:

  • an increase from $439 to $464.00 on a weekly pay period basis

  • an increase from $878 to $928.00 on a fortnightly pay period basis

  • an increase from $1,902.33 to $2,010.66 on a monthly pay period basis.

The following change is also expected to take effect on 1 April 2024 but is yet to receive official sign-off by the New Zealand government:

• The ACC earner levy is increasing from $1.53 per $100 of liable earnings (1.53%) to $1.60 per $100 of liable earnings (1.6%). That means:

  • The maximum liable earnings for ACC earner levy has increased from $139,384 to $142,283

  • The maximum ACC earner levy that can be withheld for an entire year has increased from $2,132.57 to $2,276.52.

FastTrack will make updated tax rates for the 2023-24 financial year available for download via the Tax Maintenance Service. It is expected that updated tax rates will be available for download from 15/03/2024.