{"id":11275,"date":"2024-03-15T14:03:41","date_gmt":"2024-03-15T01:03:41","guid":{"rendered":"https:\/\/ontrackbookkeeping.co.nz\/?p=11275"},"modified":"2024-03-18T09:32:42","modified_gmt":"2024-03-17T20:32:42","slug":"1st-april-2024-changes-what-do-you-need-to-know","status":"publish","type":"post","link":"https:\/\/ontrackbookkeeping.co.nz\/1st-april-2024-changes-what-do-you-need-to-know\/","title":{"rendered":"1st April 2024 Changes &#8211; What do you need to know?"},"content":{"rendered":"<p>It&#8217;s almost the end of the Financial Year (again? I know we say this every year, but doesn&#8217;t time just fly by?) Here is a summary of the 1st April 2024 changes you need to know:<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Minimum Wage Increase:<\/strong><\/h2>\n<p>The Adult minimum wage will increase from $22.70 per hour to $23.15 per hour<\/p>\n<p>The Starting Out\/Training wage will increase from $18.16 per hour to $18.52 per hour<\/p>\n<p>&nbsp;<\/p>\n<h2>ACC Earner Levy Threshold:<\/h2>\n<p>&nbsp;<\/p>\n<p>The ACC Maximum Earnings threshold has increased from $139,384 to $142,283<\/p>\n<p>The ACC Earner Levy has increase from 1.53% to 1.60%<\/p>\n<p>The maximum ACC Earner Levy payable is $2,276.52 per annum<\/p>\n<p>&nbsp;<\/p>\n<h2>Student Loan Repayment Rates and Threshold:<\/h2>\n<p>&nbsp;<\/p>\n<p>The student loan repayment threshold has increased to $464 per week for the 2024\/2025 tax year. ($24,128 annual threshold).<\/p>\n<p>&nbsp;<\/p>\n<p>So what do you need to do?<\/p>\n<ul>\n<li>Make sure your payroll systems are up to date<\/li>\n<li>Double check your ESCT rates are accurate &#8211; we do spot checks on all of our systems to make sure the rates have been updated if they need to be<\/li>\n<li>Ensure you update any employees on the current Minimum Wage to the new Minimum Wage after on 1st April<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>If you need any assistance do <a href=\"https:\/\/ontrackbookkeeping.co.nz\/contact-us\/\">reach out to us<\/a>!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s almost the end of the Financial Year (again? I know we say this every year, but doesn&#8217;t time just fly by?) Here is a summary of the 1st April 2024 changes you need to know: &nbsp; Minimum Wage Increase: The Adult minimum wage will increase from $22.70 per hour to $23.15 per hour The &hellip; <a href=\"https:\/\/ontrackbookkeeping.co.nz\/1st-april-2024-changes-what-do-you-need-to-know\/\">Continued<\/a><\/p>\n","protected":false},"author":12,"featured_media":10297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"1st April 2024 Changes - What do you need to know?","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[131,234,141],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>1st April 2024 Changes - What do you need to know? - Ontrack Bookkeeping Ltd<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ontrackbookkeeping.co.nz\/1st-april-2024-changes-what-do-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1st April 2024 Changes - What do you need to know? - Ontrack Bookkeeping Ltd\" \/>\n<meta property=\"og:description\" content=\"It&#8217;s almost the end of the Financial Year (again? 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