Changes from 1 Aril 2012
Changes to Minimium WageFor employees 16 years and over the minimium wage increases to $13.50 per hour (was $13.00 per hour).
For new entrants and employees on the training minimum wage, this increases to $10.80 per hour (was $10.40 per hour).
PAYE on Salaries and Wages
Useful IRD Links:
2013 Weekly and Fortnightly PAYE deduction tables
2013 Four-weekly and Monthly deduction tables
Changes to Student LoansAll Student Loan borrowers are required to have a student loan (SL) repayment code. There is a new IR330 Tax Code Declaration form which will need to be completed.
Exceptions: A special tax code (STC) or a repayment deduction exemption (RDE) has been granted by Inland Revenue Department. An exemption certificate from Inland Revenue must be supplied to the employer.
For Student Loan codes click here
Changes to KiwiSaver
From 1 April 2012 the exemption from ESCT (Employer Superannuation Contribution Tax) will no longer apply. This will not cost the employer any more. The contribution to the employee's KiwiSaver will reduce by the additional tax. See calculation example
This has reduced from $2.04 to $1.70 per $100 of gross earnings.