As April 1, 2024 approaches, it’s essential for businesses to prepare for several key payroll changes that will come into effect. Here’s what you need to know:
Effective April 1, 2024, the minimum wage rates will increase as follows:
Take this opportunity to review and update all employees’ pay rates accordingly.
The student loan repayment threshold is increasing from $22,828 to $24,128 per year. This adjustment will affect the first pay run after April 1, 2024.
The ACC levy rate will increase from 1.53% to 1.60% for earnings less than $142,283. Ensure that your payroll systems are updated to reflect this change, as it will impact net payments to employees.
Employer KiwiSaver contributions are subject to ESCT tax rates based on employees’ expected annual income. Review and update ESCT rates as necessary to ensure compliance.
Payroll changes will be applied from the first pay run after April 1, 2024. Ensure that your payroll software is updated accordingly. If using manual PAYE calculators, switch to the 2025 year after April 1.
For comprehensive guidance on navigating payroll changes, speak to our experienced professionals at Outside Accounting. We have the expertise and tools to assist you in managing your payroll effectively. Contact us today for tailored solutions for your business.
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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