The NZ EOFY checklist outlines the activities that you will need to complete to close off the 2022/23 financial year and prepare your system for the next financial year (2023/24).
The process outlined in this article applies only to users of the payroll module in New Zealand.
Please read this checklist carefully and familiarise yourself with the linked Help Centre articles before you start your EOFY preparations:
|Closing off FY 2022/23|
|Process final pay runs for 2022/23 financial year||All pays that need to be paid on or before 31 March 2023 are complete and marked as “Paid”|
|Lock 2022/23 Financial Year||Locking the financial year in the system will prevent any further pays being processed with pay dates in that financial year.|
|Reconcile payroll activity||Reconcile Financial data for payroll, PAYE tax, KiwiSaver and Deductions|
|Preparing the system for FY 2023/24|
|Update pay rates, charge rates and insurance rates||
Pay and charge rates have been updated on jobs and/or rate cards
Insurance Rates have been updated on jobs
|ESCT Rate updates*||
ESCT rates have been updated for all employees
*ESCT rates will be calculated by the system for employees paid in Astute in the 2022/23 FY. For those that did not pay in Astute for the entire FY, please review system-generated rates and update if required.
What’s New in 2023/24
Rate and Levy Changes
ACC Earners Levy
The ACC Earners’ Levy maximum liable earnings is increasing to $139,384, effective 1 April 2023, for the 2023/24 FY. Likewise, the ACC Earners Levy Rate is increasing to 1.53%
Student Loan Repayment Threshold
Effective 1 April 2023, the 2023/24 annual repayment threshold is $22,828.