Are you Ready for Payday Filing?

by Chanel Clark | 12-12-2018

 

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.

5 reasons why payday filing is great for business

By moving away from separate reporting and payroll processing, payday filing will help;

  1. Reduce the time spent on payroll compliance
  2. Improve processes as your payroll software can talk directly to Inland Revenue
  3. Improve retrieval of employment information
  4. Minimise deduction errors so there are no nasty tax surprises
  5. Reduce late filing fines for missed payments

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.

  • Check out this video from Inland Revenue on why payday filing is good for employers.
  • For employees who want to know more about why payday filing is good for them, click here.

Is your current payroll system up for these new changes?

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%* on time spent processing 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:

  • No matter where they are, employees record their hours and any comments through the YourPay web app
  • At the end of pay period, you can check and update employee hours before you do your pay run as normal. 
  • Once the pay run is finished, MYOB Essentials payroll software automatically
    • Pays wages to your employees
    • Posts employee pay slips online
    • Makes PAYE, Kiwisaver and student loan deductions to the Inland Revenue
    • Completes your Inland Revenue filing each month

9 benefits of choosing MYOB Essentials payroll

  1. A total cloud-based payroll solution that automates timesheet, reconciliation and payment processes
  2. Safe, secure and automatically backs up your data
  3. Helps reduce time on data entry and manual processing
  4. Saves hassle and stress allowing you to focus on your business, while still meeting your employer obligations
  5. Flexibility to start with online payroll then add online accounting when you need it
  6. Expert payroll help through LiveChat, resources and local phone support
  7. For 30 days free trial, n3 members click here.
  8. 90-day money back guarantee
  9. No locked-in contracts – you can cancel your subscription any time

 

To find out more about n3 & MYOB, click here.

* Source: Customer survey via MYOB Client Insights Panel, June 2014.

Are you ready for payday filing? From 1 April 2019 this becomes mandatory to employers. See how MYOB can help your business. Are you ready for payday filing? From 1 April 2019 this becomes mandatory to employers. See how MYOB can help your business.

 

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