New Zealand End of Financial Year Checklist 2023/24

Overview

The NZ EOFY checklist outlines the activities that you will need to complete to close off the 2023/24 financial year and prepare your system for the next financial year (2024/25).

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:

Process	Outcome	Completed
Closing off FY 2023/24
Process final pay runs for 2023/24 financial year	All pays that need to be paid on or before 31 March 2024 are complete and marked as “Paid”
Lock 2023/24 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 2024/25
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 2023/24 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 Earner’s Levy Thresholds

The ACC Threshold limits are updating for the new financial year, from $139384 in 2023/24 to $142283 for 2024/25.

The ACC levy rate is also increasing to 1.60% for the 2024/25 financial year. 

Student Loan Deduction Rates and Thresholds

The Student Loan Deduction Threshold limit is increasing in the 2024/25 financial year from $22828 to $24128.

Student Loan pay period repayment thresholds are also increasing, as outlined below.

• Weekly: $464
• Fortnightly: $928
• Monthly: $2010.66
• Four Weekly: $1856

Disclaimer:

Articles regarding EOFY processes contain general advice and recommendations relating to the configuration and use of the Astute system. The information contained is not qualified tax or legal advice and should not be relied upon as such. If you have questions relating to the correct configuration of the system for your business, you need to contact a qualified advisor.