2024.02 release notes - NZ
As part of the 2024 New Zealand budget, new personal income tax thresholds apply from 31 July 2024. The 2024.02 release updates MYOB Exo Employer Services NZ to comply with these new thresholds.
This release also adds new filters to the FBAPS leave details report and resolves an issue with incorrect PAYE values for cashed up leave.
Installing your upgrade
Tax threshold changes
The threshold changes apply to pays where the payment date is on or after 31 July 2024.
For extra payments, the new thresholds apply from 1 April 2025. For more details, see the IRD website.
Income thresholds
Current Income Range | Tax Rates | New income range From 31st 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 |
FBAPS Leave Details enhancement
We’ve added Pay Frequency and Salary/Wage filters to the FBAPS Leave Details report.
Resolved issues
When entering an annual leave cash-up in a one-off pay, the PAYE value could be incorrect. To resolve the issue, pays are automatically saved when you enter leave.