Tax Brackets For 2024 Nz. Introduces composite thresholds for the 2024/25 income year (this results in there being 8 tax thresholds in the current tax year) introduce new thresholds for the 2025/26 income year. This tool is designed for simplicity and ease of use, focusing solely on income tax calculations.

The key plank of the policy was an adjustment to income brackets, with tax rates remaining the same but the thresholds where they kicked in increasing. Tax rates are used to work out how much tax you need to pay on your total income for the year, from all sources.