Legislative Update for PeopleSoft HCM Global Payroll for New Zealand – Statutory Changes

February 7, 2024 | 1 minute read
Padmini Vasudevan
Principal Applications Engineer
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The Inland Revenue Department (IRD) has published the new rates for Accident Compensation Corporation (ACC) Levy and Student Loan Threshold changes for the year 2024/25, effective 1st April 2024. The Key highlights are:

New Zealand Accident Compensation Corporation (ACC) earners levy rate change

The Accident Compensation Corporation (ACC) earners levy rate has changed to 1.60%.

The maximum liable earnings limit for ACC earners levy has increased to NZ$142,283. If the annual income is more than the maximum limit, then ACC earner's levy will be NZ$ 2276.52.

Student loan deduction rates and thresholds

The student loan repayment threshold has increased to $24,128 for the FY-2024/2025 from $22,828.

Our new Position Statement is now updated with the details of the changes. We encourage our customers to review the latest statement to keep up to date. The updated Position Statement can be found on My Oracle Support, Doc ID 2973834.1

Padmini Vasudevan

Principal Applications Engineer


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