ACC rates and thresholds
MYOB Business will automatically apply these ACC changes in your first pay where the Date of payment is 1 April 2024 or later – so there's nothing you need to do.
If you have employees on the STC or STC SL tax codes with a custom ACC earner levy rate, it'll be automatically updated to 1.6%.
2023-24 tax year value | 2024-25 tax year value | |
|---|---|---|
ACC earner levy rate | 1.53% | 1.6% |
ACC income maximum | $139,384.00 | $142,283.00 |
Maximum ACC earner levy | $2,132.57 | $2,276.52 |
Student loan threshold
MYOB Business will automatically apply the new threshold in your first pay where the Date of payment is 1 April 2024 or later – so there's nothing you need to do.
Frequency | 2023-24 tax year value | 2024-25 tax year value |
|---|---|---|
Annual threshold | $22,828 | $24,128 |
Monthly pay period (threshold divided by 12) | $1,902.33 | $2,010.67 |
Fortnightly pay period (threshold divided by 26) | $878 | $928 |
Weekly pay period (threshold divided by 52) | $439 | $464 |
Minimum wage
If you pay an employee the minimum wage, you'll need to update their pay rate before their first pay from 1 April 2024. To learn more about the minimum wage increase, visit the Ministry of Business, Innovation & Employment and business.govt.nz
2023-24 tax year minimum hourly rate | 2024-25 tax year minimum hourly rate | |
Adults | $22.70 | $23.15 |
Training and start-out | $18.16 | $18.52 |