Tax Table Changes
ACC Earners’ Levy
On 6 July 2020, the Government announced that it is maintaining current levy rates for the next 2 years, as part of a set of changes to help ease the financial pressures of COVID-19.
Therefore:
- the Earners’ Account Average levy rate per $100 of liable earnings (incl. GST) remains at $1.39
- The maximum liable earnings that self-employed and businesses pay Work Account levies on are to remain as outlined below:
|
Employees and private domestic workers (Work and Earners’ Accounts) |
$130,911 |
|
Self-employed people (Work and Earner’s Accounts) |
$130,911 |
- The minimum liable earnings that self-employed people pay Work and Earners' levies on remains at $36,816 in 2021/22.
Tax threshold and rate change
With the enactment of the Taxation (Income Tax Rate and Other Amendments) Act 2020 a new top personal income tax rate of 39% applies for the 2021–22 and later income years on annual personal income that exceeds $180,000, as well as changes to ensure that the new rate applies consistently across other personal tax system.
Student Loan Deduction Rates and Thresholds
Effective from 1st of April 2021 the student loan repayment threshold has increased to $20,280 for the 2021/22 tax year.
|
Student Loan deductions rate and thresholds |
2020/21 |
2021/22 |
|
Student Loan annual repayment threshold |
$20,020 |
$20,280 |
|
Student Loan repayment rate |
Primary Income: 12% per $ over repayment threshold Secondary Income: 12% |
|
|
Student Loan pay period repayment thresholds |
|
|
|
Weekly pay period (Threshold divided by 52) |
$385 |
$390 |
|
Fortnight pay period (Threshold divided by 26) |
$770 |
$780 |
|
Monthly pay period (Threshold divided by 12) |
$1,668.33 |
$1,690 |
|
Four weekly pay period (Threshold divided by 13) |
$1,540 |
$1,560 |
IRD Import restructure
The only tangible change you should notice with the new IRD format, is the ability to generate an EIA for the previous standards submissions. For example, if you are correcting data that was submitted prior to the first of April, you can tick the below option to ensure the change will be picked up correctly in the new system.
New Student Loan Codes: SA SL and SA
SA = Secondary Income
SA SL = Secondary Income with Student Loan
Check-in Check out facility Enhancements
For Venus web and mobile users, the check in and check out functionality in Quicksign has been dramatically enhanced. For guidance on how to utilise that, please see the below series of videos:
https://thisplanetsupport.zendesk.com/hc/en-us/articles/900001232826-Check-In-Facility
https://thisplanetsupport.zendesk.com/hc/en-us/articles/360036741231-QuickSign-Venus-Web
Feature Request Portal
To improve transparency on our process of selecting and prioritising developments, we have opened all development requests to the client base for public voting and scrutiny. You are able to vote on the developments you would like prioritised and you are able to add further refinements to existing requests, or submit your own. The feature Request site is at the link below:
https://thisplanetsupport.zendesk.com/hc/en-us/community/topics/360000753531-Feature-Requests