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Just received a letter from our payroll staff..
ACCEarners Levy and ACC Income Threshold
Allemployees must pay an ACC earners levy to cover the cost of non-workinjuries. IRD collect these on behalf of the Accident CompensationCorporation (ACC).
The earners levy deduction is increasing from $1.70 to $2.00 per $100 ofearnings. Additionally, the maximum earnings on which the earners levydeduction is payable has increased from $106,473 to $110,018 perannum. The following table shows the combined impact of the changes inACC Earners levy and thresholds, with the above mentioned changes in PAYE ratesand thresholds:
Income thresholds
| Old Tax Rate*
| NEW Tax Rate*
| $0 to $14 000
| 14.2%
| 14.5%
| $14 001 to $48 000
| 22.7%
| 23.0%
| $48 001 to $70 000
| 34.7%
| 35.0%
| $70 001 to $110 018
| 39.7%
| 40.0%
| $110 019 & over
| 38.0%
| 38.0%
|
So sad...
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