My Oracle Support Banner

GPNZL: Global Payroll New Zealand Legislative Changes for Tax Year 2024-2025 (Doc ID 3002688.1)

Last updated on FEBRUARY 06, 2024

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.

Details

The intent of this document is to describe solutions for problems or questions related to Global Payroll New Zealand Legislative Changes for Tax Year 2024-2025. 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 & STUDENT LOAN THRESHOLD - STATUTORY CHANGES 2024/25 01st APR 2024 1. Inland Revenue Authority has released the Payroll Calculations & Business Rule specification wherein the following changes have been confirmed for the financial year 2024-2025.
 * The Accident Compensation Corporation (ACC) earners levy rate has changed to 1.60%.
 * The maximum liable earnings limit for ACC earners levy has increased to NZ$142,283. If the annual income is more than the maximum limit, then ACC earners levy will be NZ$ 2276.52.
 * To increase the minimum liable earnings that self-employed people pay Work and Earners' levies on to $44,250 in 2024/25


2. Student loan deduction rates and thresholds.
 
The student loan repayment threshold has increased to $24,128 for the 2024/2025 tax year

Bug 36262871

 PUM Image 49
         

 

To stay up with the legislative changes that will impact your PeopleSoft Application visit <https://blogs.oracle.com/psftlegupdates/>

Actions

You need to apply the critical patches / GP Updates whenever their legislative fixes are posted.

Contacts

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


In this Document
Details
Actions
Contacts
References

My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.