We will have to wait to get the full results of the election, because positions in government and who will be part of the government (parties) will not be fully decided until these are known (weeks or more) but there will be change coming that will impact on our work in payroll.
What we know: Tax thresholds will change (this would be a 1st April 2024) change. ESCT will change also. Details yet unknown.
Other 1st April standard changes:
- Student loan (rates will be reviewed for the next year)
- ACC earner levy (Labour had already set the rate for 2024-25 period, so do expect this will be changed)
- Minimum wage (if it does change it will not be a big increase based on what has been stated by National and Act)
The New Holidays Act
Starting in 2018 the previous government have wasted years with no outcome to resolve the issues will the act. The Holidays Act Review and then MBIEs better rules approach were a complete waste of time and from what was seen the potential new act would have been more complex with more issues that we presently have.
So, we will be starting again on resolving the issues with the Holidays Act and NZPPA will be asking for a seat at the table (Again) but are hoping this time payroll needs will be listened too.