The Inland Revenue Department (IRD) has made the following changes effective 1st April 2023, which will impact the applicable staff from our next pay 4th April 2023.
ACC Earner Levy – increased from 1.46% to 1.53%
- Therefore, the PAYE tax (which includes the ACC earner levy) will increase for most staff (up to a maximum of around $5.36 per fortnight)
Student Loan (12%)
- The minimum threshold increases from $21,268 to $22,828 per annum (Fortnightly threshold of $818 increases to $878)
- Therefore, the student loan deduction will decrease by $7.20 per fortnight for most staff over the threshold ($878 gross fortnightly)
Minimum Wage (Adult rate) – also increases from $21.20 to $22.70 per hour, but as Unitec pays the Living wage as a minimum ($23.65), this change does not impact us.