Release notes: updates to Xero on March 14, 2017
Here's a summary of what we've released:
Yearly payroll compliance (NZ)
Summary of compliance changes effective 1 April 2017:
- ACC levy threshold changes from $122,063 to $124,053.
- Student loan threshold from which the SL deductions have to be calculated is now increasing to $368 a week.
- Tax rate for WT tax codes can now be from 0% to 100%.
- Special Tax Code (STC) rates Allow rates from 1.39 % to 100%.
Employee share scheme benefits (NZ)
From 1 April 2017, most employee share scheme (ESS) benefits must now be processed through payroll. As a result, your tax and social policy obligations, such as student loans and child support, may change.
Deductions from employee share scheme (ESS) benefits (Employment New Zealand website)
Fiscal Year End support for Payroll (UK)
We've updated Scottish Income Tax rates and bands (or brackets) for 2017/18 in accordance with the recent changes from HMRC.
You can now access the P11 NIC and PAYE reports for 2017/2018 and view P60 reports for 2016/17.