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 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 |