Most employees will be looking forward to PAYE tax reductions that are coming up. They will take effect on the first payment day after October 1st 2010
- For Income up to $14,000 the rate reduces from 12.5% to 10.5%
- For Income up to $48,000 the rate reduces from 21.0% to 17.5%
- For Income up to $70,000 the rate reduces from 33% to 30%
- For Income over $70,000 the rate reduces from 38% to 33%
Please note that there is no change to the ACC Levy of 2% which is in addition to the above rates.
If you are one of our payroll outsourcing clients…don’t worry we will take care of all the details.