NZ Tax Changes Take Effect: Key Updates from 1 July and 31 July 2024
The Government has now implemented most of its planned tax changes
From 1 July most of these came into effect with the remaining changes on 31 July 2024.
A reminder of these are as follows:
From 1 July 2024 the following changes are in place:
- The Brightline test now applies to residential rental properties sold within 2 years (previously 10 years)
- The paid parental leave rate has changed from $712.17 to $754.87 per week
- Family Boost is now available to parents and caregivers of children aged 5 and under where their household income is less than $180,000 a year.
From 31 July 2024 the personal tax rates will change with the new thresholds.
| Current threshold | New threshold 31 July 2024 | Tax rate |
| $0-$14,000 | $0-$15,600 | 10.5% |
| $14,001-$48,000 | $15,601-$53,500 | 17.5% |
| $48,001-$70,000 | $53,501-$78,100 | 30% |
| $70,001-$180,000 | $78,101-$180,000 | 33% |
| $180,001 upwards | $180,001 upwards, no change | 39% |
Independent earner tax credits will also change from 31 July 2024.
| Current threshold | New threshold 31 July 2024 | Your entitlement |
| $24,000-$44,000 | $24,000-$66,000 | $10 per week or $520 per year |
| $44,001-$48,000 | $66,001-$70,000 | The payment reduces by 13 cents for every dollar you earn |
If you have any queries about these changes, please contact us at Alliotts NZ in Auckland on 09 520 9200.
