The Inland Revenue Department (IRD) has made the following changes effective 1 April 2024, which will impact the applicable staff from our next pay 2 April 2024.
ACC Earner Levy – increased from 1.53% to 1.60%
- Therefore, the PAYE tax (which includes the ACC earner levy) will increase for most staff (up to a maximum of around $5.54 per fortnight).
Student Loan (12%)
- The minimum threshold increases from $22,828 to $24,128 per annum (Fortnightly threshold of $878 increases to $928)
- Therefore, the student loan deduction will decrease by $6.00 per fortnight for most staff over the threshold ($928 gross fortnightly)
Minimum Wage (Adult rate) – also increases from $22.70 to $23.15 per hour, but as Unitec pays the Living wage as a minimum ($26.00), this change does not impact us.