Budget 2024
Budget 2024 was delivered by the National Government on 30 May 2024, which confirmed new composite income tax thresholds for the 2024/25 income year and new standard thresholds for the 2025/26 income year, along with some other minor tax changes.
Subsequent changes to TaxLab
Changes will be incorporated into TaxLab as follows:
Fourth quarter FBT returns
Changes will first impact FBT calculations in Quarter 4 returns due 31 May 2025. There is no impact on the first three quarters and no need to change how or when you collate or import data during the year.
The following changes will be made in TaxLab before 1 April 2025:
- An adjusted alternate rate calculation method for 2024/25 and subsequent income years.
- Adding new standard thresholds for 2025/26 and subsequent income years.
Income tax returns
Changes to income tax return calculations will be updated as part of our annual changes process.
The following changes will be made before 1 April 2025:
- Adding new composite 2024/25 income tax thresholds.
- Adding new standard thresholds for 2025/26 and subsequent income years.
- Adding a transitional Independent Earner Tax Credit (IETC) calculation for the 2024/25 income year.
- Adding new standard IETC eligibility threshold for 2025/26 and subsequent income years.
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