Working for Families
The net income level guaranteed by the minimum family tax credit will rise from $22,568 to $22,724.
The government announced that the 2013/2014 levy rates will remain at their current levels. However they have introduced three new initiatives:
- Extended Workplace Safety Discounts
- Vehicle Classification System
- Fleet Safety Incentive Programme
We will be following up on these changes in future issues of Wilco, but in the meantime, visit the following website for more information: www.acc.co.nz/news/WPC116639
The minimum contribution rate for employers and employees will rise to 3% from April.
Primary and Secondary School Children
From 1 April 2013 PAYE must be deducted from payments of salary/wages or schedular payments to school children.
Student Loan Changes
The repayment rate for student loan deductions increases from 10 to 12 cents per dollar earned over the current threshold of $19,084 per annum.