Summary of tax and Kiwisaver changes in EXO Payroll for 2012 financial year (New Zealand)

1st of April is the start of the new financial year. Any changes made by the Government affecting employees, such as with PAYE or Leave, are implemented from this date. Each year MYOB does a Compliance release of the software that incorporates these changes.

From 1st of April 2012 changes in employee's tax and Kiwisaver will come into effect. MYOB Exo Payroll 2012 compliance release complies with these changes.

Below is the summary of these changes.

More detailed information on these changes can be found in the Release Notes (click here for the article containing a link to the Release Notes) or from within the Payroll software (click on the Help menu then click on 'What's New in This Release').

ACC Rates and Threshold

ACC Earner Levy rate has been decreased from 2.04% to 1.7%
ACC Income Maximum threshold has been increased to $113,768.00
ACC Maximum Earner Levy changed to $1,934.05

Student Loan

New tax codes - ML SL and SB SL
New repayment codes - SLCIR & SLBOR

Kiwisaver

Removal of 2% ESCT Exemption
Removal of 33% Flat Rate

Need more help? You can open the online help by pressing F1 on your keyboard while in your software.

You can also find more help resources on the MYOB Exo Employer Services Education Centre for Australia or New Zealand.