The new financial year comes with new changes to taxation and payroll. Be up to date on these new payroll trends and read on.
The minimum wage is increased by $1.20 per hour from $20.00 to $21.20 per hour. Over 300,000 workers are affected by this change, making an extra $2,500 per year. The starting-out and training minimum wage also increased from $16 to $16.96 per hour. The good news is these changes are effective for all hours worked starting 1 April 2022. If any of your employees are affected by this change, make sure you update their rate in your payroll system.
Starting 1 April 2022, employers would need to take more from their employees’ wages for the ACC Earners Levy, which will increase from $1.21 per $100 to $1.27 or $1.46 per $100 with GST. Note that this change applies to self-employed individuals, shareholder-employees, and contractors as well.
Good news for Kiwis with student loans, who will gain a few extra dollars on their paycheck before they pay off their student loan! The student loan repayment threshold has increased by $988 from $20,280 to $21,268 starting 1 April 2022.
The new financial year is the perfect time to review your payroll system to ensure that everything is updated. Don’t forget to factor in COVID-19 support for employees.
Payroll processes frequently change and can be complex, especially since the pandemic. Businesses have faced plenty of changes. As an employer, it is important to understand your payroll obligations to stay compliant and avoid any penalties! If you need help with your payroll, flick us a message or give us a buzz and we’ll see what we can do. Leave the admin stuff to us and keep doing what you do best – grow your business!
Your Outside Team
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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