Reference for rates and thresholds that came into effect on 1 April 2014

ACC

Workers and employers will pay $387 million less in ACC levies in 2014/15. This affects the Earners Account (paid by workers) and the Work Account (paid by employers). The ACC earner levy rate decreases from 1.70% to 1.45% (inc GST).

ACC_Table

Annual General Adjustments to benefits

On 1 April 2014, some payment rates increased based on the updated Consumer Price Index of 1.38%.

The Annual General Adjustments include:

  • rates and thresholds for main benefits, Student Allowances, Student Loan Living Costs and the Foster Care Allowance
  • rates and thresholds for some supplementary assistance
  • thresholds for the Community Services Card
  • New Zealand Superannuation and Veteran’s Pension.

NZ Superannuitants receive a 2.66% increase so that the married rate continues to equal 66% of the average net wage.

Minimum Wage

The minimum adult wage rate for a worker 16 years or older increased to $14.25 per hour.

The starting-out minimum wage and the minimum training wage rates increased to $11.40 per hour.

Working for Families

The minimum family tax credit threshold increased from an after-tax income of $22,724 to $22,776.

Student Loan Living Cost

The maximum weekly amount available is $175.96.

Student Allowances

To obtain the maximum allowance you must not earn more than $210.88 a week before tax, as well as meeting all the other eligibility criteria.

If you are aged 18-23 and have no children, the combined taxable income of both your parents in the last financial year has to be less than:

  • $84,016.80 before tax (if you are living at home while studying)
  • $91,264.01 before tax (if you are living away from home to study).

If you have a partner and children, your own and your partner’s combined taxable income needs to be less than $878.49 a week before tax, otherwise the allowance will reduce for every cent earned above this.

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