New Zealand Superannuation

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  • Linray88
    • May 2024
    • 1

    New Zealand Superannuation

    Hi there - we are planning on moving to Indonesia and before applying to continue being paid our superannuation beyond the 26 week cut off period rule, I'm wondering if anyone here from NZ has crossed this bridge? If so, how did it go - any advice? Thank you
  • marcus
    • Jul 2008
    • 9247

    #2 (Receiving NZ Super while overseas) (Living overseas if you get NZ Super or Veteran's Pension) (NZ Superannuation and Retirement Income Act 2001 - Version as at 26 November 2022)


    Title : Budget 2024: Everything you need to know about the tax changes
    By Deloitte New Zealand , May 2024

    ...What was announced

    Threshold changes
    It was no surprise that “tax cuts” were part of the Budget. What we have seen is a movement of the tax threshold bands rather than changes to tax rates. These changes are to help correct the “bracket creep” that has arisen from wage inflation pushing workers into higher tax brackets since the last substantive rate changed in 2010.

    These new thresholds will apply from Wednesday 31 July 2024...

    Consequential changes
    ...A change to personal tax rates has consequential impacts on other taxes, and the implementation of a change in thresholds 4 months into the tax year means that in effect there will be “composite” thresholds in place until 31 March 2025, with the new thresholds only truly applying from 1 April 2025.

    Budget legislation has been tabled in Parliament which:

    Introduces composite thresholds for the 2024/25 income year (this results in there being 8 tax thresholds in the current tax year)
    Introduce new thresholds for the 2025/26 income year
    Change PAYE M and ML and secondary tax codes from 31 July 2024
    Change extra pay rate thresholds from 1 April 2025
    Amend the manner that FBT attributions are calculated from the 2024/25 and to change FBT rate thresholds from 1 April 2025
    Change thresholds for employer superannuation contribution tax (ESCT) from 1 April 2025
    Change thresholds for prescribed investor rates (PIRs) for investors in portfolio investment entities (PIEs) from 1 April 2025
    Change resident withholding tax (RWT) thresholds from 31 July 2024.