The Business Advisory Blog

The Business Advisory Blog

Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

Vanessa Williams
Published on

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 can into effect with the remaining changes on 31 July 2024.
A reminder of these are: 

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.

Topics: brightline leave entitlement Paid Parental Leave entitlement Payroll property tax rate