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Tax threshold changes to impact Coasties' pay

Hibiscus Coast App

Staff Reporter

09 July 2024, 10:01 PM

Tax threshold changes to impact Coasties' payNew tax rates start 31 July

A reminder that Coasties should prepare for changes to personal income tax thresholds starting 31 July 2024, as announced in the Government Budget 2024.

The changes are intended to provide tax relief for individuals and families.

Key updates include increasing personal income tax thresholds, extending the independent earner tax credit, and boosting the in-work tax credit and the minimum family tax credit.

From 31 July, the minimum family tax credit will rise to $35,316 annually, while the in-work tax credit will increase to $5,070 per year.

These adjustments will be applied automatically, with eligible recipients receiving a new Notice of Entitlement.

Employers using payroll software will receive updates with the new rates.

Those filing manually must use the new tax tables.

To estimate the impact on household income, the Treasury calculator is available until 31 July.

For more details, visit the IRD website.