IR Updates 2019
- Details
- Last Updated: Friday, 31 January 2020 14:46
Changes from April 2019
A.C.C Earners Levy
The maximum income threshold increases to $128,470 resulting in a maximum levy of $1785.73 p.a. The levy rate remains at 1.39%.
Student Loans
The loan repayment threshold for employees on the M SL code increases to $380.00 per week or $19,760.00 p.a.
KiwiSaver
New employee contribution rates of 6 and 10% added.
Rates can now be one of: 3, 4, 6, 8 and 10%.
From 1st July 2019, employees over the age of 65 can join. Employers are not required to make contributions, but may volunteer to do so.
Proposed renaming of Contributions Holiday to Savings Suspension with a maximum period of 12 months before needing to re-apply.
Pay-Day Filing
From 1st April 2019 employers must file employee information (EI) return for each pay within 2 days of the actual pay-day. An employee details return (ED) is required for New and Deleted employees when these events occur. This information can be submitted manually through myIR or uploaded as CSV files.