From April 2019, employers who make over $50,000 in PAYE/ESCT deductions annually need to file Employment Information and payments electronically each pay day to Inland Revenue - rather than monthly.
The idea is to help organisations meet their tax obligations easier and quicker.
To help employers stay compliant, MYOB is working with Inland Revenue to build the payday filing feature into all their MYOB payroll products. If you’re a MYOB customer, this feature will be available very soon for those who want to opt-in before it's mandatory. To find out more, you can speak to a MYOB representative, just call the team on 0800 60 69 62.
By moving away from separate reporting and payroll processing, payday filing will help;
Right now, you can do payday filing voluntarily, but from 1 April 2019 will now become mandatory after the New Zealand Government recently passed a bill requiring all employers to file tax information on the day they pay employees.
If you haven’t done so already, now would be a good time to move your payroll system online. MYOB Essentials can already automate your PAYE reporting and payments each payday and it’s all built in to your subscription
Of course, the extra benefit for n3 members is the discount they can receive on their MYOB subscription. For all n3 members, click here to enquire how MYOB Essentials can help you get payday filing ready.
MYOB Essentials pays staff and is IRD compliant – while saving you 40%* of time spent on payroll
Many companies report managing the payroll is a major challenge. MYOB Essentials takes the pain out of payday, from accurately capturing employee hours to report to Inland Revenue
How it works:
To find out more about n3 & MYOB, click here.
* Source: Customer survey via MYOB Client Insights Panel, June 2014.