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Image result for tax changes 1 april 2017

Although the end of the tax year for your farm is probably the end of May or June. For your employees, the new tax year starts on the 1st of April. March is the time to re-evaluate the pay rates/salaries for your current employees as the minimum hourly rate changes from the first of April. From the 1st of April 2020, it is increasing to $18.90 per hour (depending on confirmation by the government) and the aim is $20/hour by April 2021.

Make sure your payroll software is updated before you run your first payroll in April! There usually are some other small tax rates changes starting on the first of April, such as changes to the ACC rates and tax thresholds. So if you paying your salaries by automatic payment, please review and change the automatic payments before the 1st of April.