Many of you are using software these days that supports your management of your business…
Payday filing is compulsory for all employers from 1 April 2019. You need to understand your obligations and formulate a plan today, if you haven’t already done so.
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. Inland Revenue has videos you may find useful along with other information
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 (MYOB already does).
- If you’re using myIR to file, let the IRD know you’re switching to payday filing in myIR.
If you’re considering adopting a software platform, you need to consider the number of employees you have and the frequency of their payments because costs can vary considerably depending on these factors. We have checked out a few options and are recommending, in the main, Xero, MYOB Essentials and PaySauce. You’re welcome to call John Kerridge, Milnes Beatson Business Manager, to discuss your options, or check out the websites: