Get ready for payday filing

The tax system is changing to make it simpler and faster for businesses to meet their tax obligations.

The New Zealand government recently passed a bill that requires all employers to file employment information to the Inland Revenue (IR) on a payday basis, instead of monthly.

For employers that make over $50,000 in PAYE/ESCT deductions a year, you will be required to file this information electronically.

Payday filing is currently voluntary and becomes mandatory from April 2019.

We’ve got you covered

MYOB is working closely with IR to build the payday filing feature into all MYOB payroll products to enable you to stay compliant. We expect to have this functionality available for early release soon for customers who wish to voluntarily opt-in before it is mandatory. We will be in touch with all existing customers with payday filing updates.

READ: Payday filing – what small businesses need to know

Is your current payroll system fit for purpose?

Now is a good time to consider if moving online is right for you.

MYOB Essentials already has the ability to automate your PAYE reporting and payments each payday and it’s all built into your subscription. Alternatively, ensure you have a current support agreement to be the first to receive the compliance release.

READ: 5 signs it’s time to review your payroll system

Get ready for payday filing

1. Bookmark the MYOB status page and regularly check back for updates
2. Familiarise yourself with your employer responsibilities for payday filing
3. Review your payroll system, processes and support subscription now, before payday filing becomes compulsory.
4. Register for an Inland Revenue seminar in a region near you, or watch the free on-demand webinar instead

Call us on 0800 60 69 62 to make sure you’re on right product for your needs. We’re here to help.