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:
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.
From 1 April 2013 PAYE must be deducted from payments of salary/wages or schedular payments to school children.
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.