Payroll updates for NZ New Tax Year 2022-2023
April is fast approaching, and so is New Zealand New Tax Year! This time of year is especially important for accountants and bookkeepers, , but let’s be honest - nobody loves extra administration tasks.
To make things easy for you, the team at KeyPay has compiled a list of payroll related changes that should be useful for preparing your clients for the New Tax Year. We're also hard at work to make Tax Year End processing as simple as possible in the lead up to 2022 / 2023.
Rate updates & legislation changes for NZ Tax Year 2022/23
Tax table updates
Some changes have been made for secondary tax codes for the new financial year:
Student loan threshold increase
The student loan repayment threshold for the new financial year will increase from $20,280 to $21,268 annually (an increase to $409 weekly).
With KeyPay, any pay runs with a date paid of 1/4/2022 or later will use the new FY2022/2023 student loan repayment threshold automatically.
KeyPay is making NZ New Tax Year a piece of cake
KeyPay streamlines tax and payroll processing for your clients by:
- Calculating KiwiSaver, student loans, PAYE and ACC rates for you
- Streamlining expense and employee management by allowing clients and their employees to store receipts, documents and certifications within a single, centralised platform
- Automatically reporting data to the IRD after each pay run at no extra cost
- Offering comprehensive reporting capabilities to easily review information for tax time, business function reporting and beyond
For detailed information on processing for tax year end with KeyPay, take a look at our support article here.
Not using KeyPay yet? KeyPay is a cloud-based payroll and workforce management platform designed by payroll professionals, for payroll professionals. Servicing over 750 partners who run payroll for 200,000 businesses and processing over $30bn payments globally each year, KeyPay is a fully automated payroll solution, offering unparalleled time-saving benefits, transparent, Holidays Act compliant leave calculations, and a suite of workforce management tools and apps built-in.
Give KeyPay a go to help simplify tax year end for your firm and your clients - get in touch with us today to find out more!
Note: This blog has been updated on 8th March 2022 from last year's blog, which was published on 1st March 2021.
Disclaimer: The information in this article is current as at 1 June 2022, and has been prepared by KEYPAY LIMITED PARTNERSHIP (NZBN 9429048779524) and its related bodies corporate (KeyPay). The views expressed in this article are general information only, are provided in good faith to assist employers and their employees, and should not be relied on as professional advice. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. KeyPay does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this article. You should undertake your own research and to seek professional advice before making any decisions or relying on the information in this article.