A reminder that changes to individual personal Income Tax thresholds came into effect from 31 July 2024.
Here's what you need to know.
New individual tax rates are now fully in play as above. This means that the new Income Tax brackets apply from 31 July 2024.
When trying to determine your personal Income Tax position for the 2025 Income Tax year, you will need to use the composite rates above. The reason for this is because the individual tax rates changed partway through the 2025 Income Tax year.
A result of the change in personal Income Tax thresholds also means that the PIR thresholds also changed. If you have PIE income please ensure that you have selected the correct PIR rate.
Also a result of the change in personal Income Tax thresholds means that the ESCT for KiwiSaver thresholds has also changed. If you contribute to KiwiSaver please ensure that you have selected the correct ESCT rate.
