IR Updates 2022
- Details
Changes from April 2022
A.C.C Earners Levy
Max earnings threshold raised to $136,544
Rate increases to $1.46 per $100.0
Student Loans
Earnings threshold increases to $409 per week ($21,268.0 P.A)
KiwiSaver
No Changes
Pay-Day Filing
TBA
Tax Changes
No Changes
IR Updates 2021
- Details
Changes from April 2021
A.C.C Earners Levy
No Changes.
Student Loans
Earnings Threshold increases to $390.
The previous Compulsory and Voluntary payment codes SLCIR and SLBOR are dropped and any amounts for these are now in columns on the EI return.
KiwiSaver
More options for pay-day returns and joining eligibility and status on the ED return. The Status for a new employee is normally set to Auto Enrol or Exempt, depending on Tax code and residency. Now there are options for a new employee to immediately Opt-in, Already be a member, and provision for Temporary employees with a new code. Nothing about being on a contribution holiday though. Joining codes are: AE (Auto), AK A member, OK Opt-In, CT Casual Temp, and NK Not eligible. These states can also be applied to existing employees who can Auto Enrol or Join.
For an Opt-out, information of bank a/c, date out, and provision for a late out with reason codes are all now part of the ED return file.
Pay-Day Filing
From 1st April 2021 the new format of the EI and ED returns become mandatory.
Instead of multiple lines for compulsory and voluntary student loan codes for extra payments plus, new fields (columns) are being added to include these.
The ED return has significant changes with 13 new columns. Most due to Kiwi Saver KED return being merged into it with some different codes and the separation of Joining and Opting out, plus provision for temporary employees. Phone and Address formatting has been widened and simplified.
Tax Changes
New threshold for M code of 39% for income over $180,000.
New Secondary Tax Code SA with a flat rate of 39%. This also affects the top ESCT threshold and options for Tax on an Extra Pay.