It’s time to gear up for payday filing!
Thursday, February 14th, 2019
Hundreds of Kiwi business owners are enjoying the benefits of payday filing – are you? If not, you’ll need to be by 1 April when payday filing becomes compulsory. Now’s the time to work out how you’re going to integrate it into your payroll processes and save time on your tax obligations.
Payday filing means you need to:
- File employment information every payday instead of an Employer monthly schedule (IR348).
- Provide new and departing employees’ address information, as well as their date of birth – if they have provided it to you.
- File electronically (from payday compatible software or through myIR) if your annual PAYE/ESCT is $50,000 or more.
Remember, the due date for payment remains the same at the 20th of the month (or 5th and 20th of the month for twice-monthly filers).
How do I payday file?
There are three ways to file electronically – direct from payroll software, file upload from myIR or onscreen via myIR.
How do I shift over to payday filing?
- Review your payroll processes and plan and schedule when to shift.
- Ask your software provider when they’ll have payday filing compatible software (Xero and MYOB already do).
- If you’re using myIR to file, let the IRD know you’re switching to payday filing in myIR.
Need to know how payday filing works for schedular payments, shadow payrolls, employee share schemes and holiday pays? Let us know and we’ll talk you through it.
*Content courtesy of Accelerate.