Just a quick note regarding tax changes that will take effect from your payrun in April.
- Kiwisaver Contribution Increase – the minimum Employee & Employer rate will increase from 2% to 3%.
- Primary & Secondary Schoolchildren – their payments will now be taxed. If you have any such employees can you get them to complete an IR330 asap and let us know the details.
- ML and ML SL Tax Codes are Disappearing – These will automatically be updated to M or M SL.
- Student Loan Repayment Rate – this will increase from 10% to 12%
Apart from Number 2, all these changes will take place automatically for you. In relation to Schoolchildren, you need to let us know what tax code to use.