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 Acumatica — 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 |