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It’s almost the end of the Financial Year (again? I know we say this every year, but doesn’t time just fly by?) Here is a summary of the 1st April 2024 changes you need to know:

 

Minimum Wage Increase:

The Adult minimum wage will increase from $22.70 per hour to $23.15 per hour

The Starting Out/Training wage will increase from $18.16 per hour to $18.52 per hour

 

ACC Earner Levy Threshold:

 

The ACC Maximum Earnings threshold has increased from $139,384 to $142,283

The ACC Earner Levy has increase from 1.53% to 1.60%

The maximum ACC Earner Levy payable is $2,276.52 per annum

 

Student Loan Repayment Rates and Threshold:

 

The student loan repayment threshold has increased to $464 per week for the 2024/2025 tax year. ($24,128 annual threshold).

 

So what do you need to do?

• Make sure your payroll systems are up to date
• Double check your ESCT rates are accurate – we do spot checks on all of our systems to make sure the rates have been updated if they need to be
• Ensure you update any employees on the current Minimum Wage to the new Minimum Wage after on 1st April

 

If you need any assistance do reach out to us!