Tax Upgraded

(Posted 11-Sep-2008)

iPayroll has been updated for the tax changes coming into effect from 1-Oct-2008.

We have upgraded the iPayroll web site to correctly calculate tax from 1-Oct. When you process a payroll, the correct tax calculations will be automatically applied - following the specifications published by Inland Revenue.

The low income rebate has been removed from the 2008/09 tax year and a new bottom tax rate of 12.5% on income up to $14,000 introduced. Income thresholds for the 21%, 33% and 39% rates also increase as follows:-

Current rates		New rates from 1-Oct-2008
Income to $9,500	15%	Income to $14,000	12.5%
$9,501 - $38,000	21%	$14,001 - $40,000	21%
$38,001 - $60,000	33%	$40,001 - $70,000	33%
$60,001 and over	39%	$70,001 and over	39%

For further details see Changes to personal income tax and Family Tax Credit in Budget 2008 on Inland Revenue's web site.