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NZ Tax Rate Changes for 31 July 2024
- Max Ciereszko
The information below has been updated after the New Zealand budget announcement on 30/05/2024.
As part of its budget announcement on 30 May 2024, the New Zealand government has announced proposed tax changes to take effect on 31 July 2024. The proposed changes are summarised in the table below:
01/04/2024 - 30/06/2024 | 31/07/2024 onward | ||
|---|---|---|---|
Income band ($) | Rate (%) | Income band ($) | Rate (%) |
0 - 14,000 | 10.5 | 0 - 15,600 | 10.5 |
14,001 - 48,000 | 17.5 | 15,601 - 53,500 | 17.5 |
48,001 - 70,000 | 30 | 53,501 - 78,100 | 30 |
70,001 - 180,000 | 33 | 78,101 - 180,000 | 33 |
180,001 + | 39 | 180,001 + | 39 |
These changes affect the following tax codes:
M
M SL
ME
ME SL
The independent earner tax credit (IETC) thresholds are also changing as of 31/07/2024, whereby the upper threshold is changing from $48,000 to $70,000, with abatement of the tax credit starting from $66,000 as opposed to $44,000. This affects the ME and ME SL tax codes.
Updated tax rates that incorporate these changes will be made available for downloading via Tax Period Maintenance on 22/07/2024.
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