Summary of tax changes in EXO Payrol for the 2014 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 2014 changes in employee's tax and Student Loan will come into effect. MYOB Exo Payroll 2014 New Zealand compliance release complies with these changes.

For a summary of the new features in the 2014 compliance release, click here.

Below is the summary of these changes.

Student Loan Changes

The threshold for Student Loan will no longer be applied to "Extra Pay" allowances that are paid in a pay consisting of the "Extra Pay" allowance only. This change will be applied automatically by MYOB Exo Payroll for pays that end on or after 1 April 2014.

PAYE Calculation Changes

Minor changes in the calculation of PAYE, as specified by the IRD, have been made for the following tax codes - SB, S, SH, ST, NSW, EDW, CAE and ND. These changes will be applied automatically by MYOB Exo Payroll and come into effect on 1 April 2014.

Minor changes have also been made to the calculation of the tax credit calculation rate for Payroll Giving donations, as specified by the IRD.

ACC Rates and Threshold Changes

The new rates and thresholds for ACC will be applied automatically by MYOB Exo Payroll for pay periods that end on or after 1 April 2014.

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').

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.