GPNZL: Global Payroll New Zealand Legislative Changes for Tax Year 2024-2025
(Doc ID 3002688.1)
Last updated on JUNE 25, 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
This document intends to describe Legislative updates impacting Global Payroll Zealand during the year, 2024. This is a living document and will be updated as new solutions are created; please review it thoroughly regularly
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 |
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
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In this Document
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