Payroll Legislation Changes

KiwiSaver

Minimum employee and employer contributions will increase from 2% to 3% effective for pay periods starting on or after 1/4/2013.

Student Loan

Student Loan repayments will increase from 10% to 12%.   This is effective for pay periods ending on or after 1/4/2013

 Tax Codes

Tax codes ML, ML SL, and K will be removed effective for pay periods ending on or after 1/4/2013. Check with your payroll service provider to see if  they will be replaced automatically with the correct tax code if you have employees on these codes.

Or check out the IRD website for more information:

 http://www.ird.govt.nz/how-to/taxrates-codes/workout/