IR Updates 2015
- Details
- Last Updated: Sunday, 26 August 2018 20:17
Changes from April 2015
A.C.C
The levy remains unchanged at 1.45%, but the maximum income threshold increases to $120,070.00 resulting in a maximum levy of $1741.01 p.a.
Student Loans
For borrowers with two jobs, provision for transferring any unused $367 p.w threshold amount from an M code to Secondary is now available. It is known as a URT SDR and to take advantage of it, the borrower must apply to IRD for an SDR on their secondary earnings. (The primary income job would need to always be under $367.)
KeyPay now allows a total amount to be specified for CIR repayments. Deductions automatically stop when the amount is reached.
Taxation
Changes to truncation rules. Employees on the STC code are now taxed on whole dollars for each pay when calculating the PAYE.
Child Support
System of determining child support amounts and responsibility is being updated and made more flexible. This has no effect on payroll at this stage, although some employees' amounts may change as a result.