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New Zealand tax threshold updates – July 2024

As part of the 2024 New Zealand budget, new personal income tax thresholds apply from 31 July 2024.

For extra payments, the new thresholds apply from 1 April 2025. For more details, see the IRD website.

To keep you compliant, when you open a pay with a physical pay date of 31 July 2024 or later, MYOB Advanced Payroll automatically applies these new tax rates and thresholds.

What’s changed

Income thresholds

Current Income Range

Tax Rates

New income range from 31 July 2024 (Extra payments from 01 April 2025)

Tax Rates

$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 and above

39%

$180,001 and above

39%

Independent Earner Tax Credit (IETC) thresholds

Threshold

Current threshold

New threshold 31 July 2024

Lower Threshold

$24,000

$24,000

Upper Threshold

$48,000

$70,000

Abatement starts

$44,000

$66,000

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