GPNZL: Global Payroll New Zealand Legislative Changes for Tax Year 2023-2024
(Doc ID 2917262.1)
Last updated on MARCH 07, 2023
Applies to:PeopleSoft Enterprise HCM Global Payroll New Zealand - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
The intent of this document is to describe solutions for problems or questions related to Global Payroll New Zealand Legislative Changes for Tax Year 2023-2024. This solution applies to customers on PeopleSoft Release 9.2. This is a living document and will be updated as new solutions are created; please review thoroughly on a regular basis.
Summary Table - see below for details:
Please see table below for details.
|Legislative Change||Effective Date||Additional Info||P1 Patch Fix Target Date||Targeted Into PUM Image/Patchset|
|ACC LEVY & THRESHOLD - STATUTORY CHANGES||01 APR 2023||The Inland Revenue Board of New Zealand has provided regulations for employers for Payroll Calculations & Business Rules Specifications for the tax year 2024
For Year 2023/24 – New Zealand Cabinet agreed
1. To set the Earners’ Account Average levy rate per $100 of liable earnings (incl. GST) at $1.53
2. To increase the maximum liable earnings that self-employed and businesses pay Work Account levies to $139,384
|PUM Image 46|
To stay up with the legislative changes that will impact your PeopleSoft Application visit <https://blogs.oracle.com/psftlegupdates/>
You need to apply the critical patches / GP Updates whenever their legislative fixes are posted.
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