If you employ people in your business, make sure you are aware of changes to income tax thresholds from 31 July, 2024.
The Government is making changes to personal income tax thresholds from 31 July, 2024. These changes may affect your business if you employ people.
If you use payroll software
If you use payroll software and the provider makes the updates by 31 July, then you shouldn’t have to do a thing. Your software provider will let you know if you do.
If you are unsure if the changes have been made, get in touch with your provider to ask them when they are going to make the changes.
If you do not use payroll software
If you do not use payroll software, then you’ll need to ensure you start using the new tax tables when calculating PAYE.
You can find these online at Inland Revenue’s website from 22 July, 2024.
Source: business.govt.nz
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