1. New income tax brackets are now in full effect
Last year’s income tax adjustments are now fully in place for the 2024–25 tax year.
That means employees may see slight changes to their take-home pay, impacting payroll calculations.
The consequential changes on fringe benefit tax brackets for attributed benefits such as company cars apply from the 2025-2026 year so now’s the time to double-check your payroll settings to ensure compliance and plan for any FBT adjustments.
2. Have you adjusted pay for the minimum wage increase?
From 1 April 2025, the adult minimum wage increased to $23.50 per hour. Make sure you have reviewed payroll settings and budget plans in line with this change.
Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.
