Are you on top of payday filing?
Across New Zealand, employers are getting ready to make the switch to payday filing. By April 1st 2019, everyone must have adopted the new system. But there’s no need to wait until then, you can prepare to make the switch now.
From the April deadline, every time you pay staff, payroll information must be filed with Inland Revenue. Under the current system information like the amount of tax a staff member has paid, or their contributions to KiwiSaver is contributed through the Employer Monthly Schedule.
Now, Inland Revenue will have this on a more timely basis. The due date for payment will stay at the 20th of the month, or if you file twice a month, the 5th and 20th of the month. You won’t need to file an Employer deduction (IR345).
To make the switch now, there are three steps to get ready, and we can help you with these:
- Review your payroll processes, plan and schedule when to shift.
- Make sure that you are using payday filing compatible software.
- Update myIR to reflect the date that you’ll be making the switch.
Once you’re all set up, there are three ways that you can file your information:
- Directly from your compatible payroll software.
- Through file upload from your Payroll returns account in myIR
- Online in your Payroll returns account in myIR.
Talk to us about switching to payday filing. Call us on 03 474 0475 and we can make a time to make sure you're covered.